Section 8 Fair Market Rent (FMR) for ZIP 24263 - 2027

Location: Lee County, VA | Metro: Lee County, VA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$720
1 Bedroom	$720
2 Bedrooms	$940
3 Bedrooms	$1,290
4 Bedrooms	$1,320
5 Bedrooms	$1,531
6 Bedrooms	$1,715
7 Bedrooms	$1,852
8 Bedrooms	$1,945

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

5,830

Median Household Income

$39,364

Housing Units

3,017

Renter Percentage

32.5%

Occupancy Rate

81.6%

Renter Occupied

801

Housing Authorities Serving ZIP 24263

Lee County Redevelopment & Housing Authority (Jonesville, VA) - 532 Section 8 vouchers

Jonesville, Virginia, located in ZIP code 24263, is a rural community with a strong focus on family living and agriculture. The town offers a tranquil setting with close-knit neighborhoods and easy access to natural landscapes, making it an attractive place for those seeking a peaceful environment. However, the real estate market in Jonesville reflects the economic realities of a small rural area.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $910, indicating the rental price point that the government considers fair for the region.
The average market rent, according to Census ACS data, stands at $606 for a similar unit, suggesting that the actual rental prices are below the government's fair market assessment.
The median home value in Jonesville is $130,835, which is significantly lower than the national average, offering potential for affordable investment opportunities.
Renters make up 32.5% of the housing market, showing a notable portion of the population relies on rental properties rather than homeownership.
The median income for residents is $39,364, which is below the national median income, reflecting the economic challenges faced by the local population.

Given these metrics, investors should approach Jonesville with a realistic understanding of the market dynamics. While the area offers low-cost entry points into real estate ownership, the relatively low median income suggests a need for properties priced competitively with the market rent. The gap between the FMR and actual market rents indicates a potential opportunity for landlords who can offer quality housing at slightly above average market rates without exceeding what is deemed fair by federal standards. With a substantial share of renters, there remains a demand for affordable housing options, but investors must balance this with the economic realities of the region to ensure sustainable returns on investment.

Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.