Location: Kingsport-Bristol, TN | Metro: Kingsport-Bristol, TN-VA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,330 | $230,439 | 0.58% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 24270 stands at $45,417, which provides a baseline for understanding the financial capabilities of local households. Given the absence of specific market rate data for this area, it's critical to consider the voucher payment standard as a significant benchmark. The Fair Market Rent (FMR) for ZIP 24270 in fiscal year 2024 is set at $950, indicating the maximum amount that a Section 8 voucher will cover for rental housing.
This FMR figure suggests that the majority of renters in this ZIP code would struggle to afford market-rate rents, especially if they exceed the voucher payment standard. Considering the limited number of renters—only 6.4% of the 416 population—the competition among landlords for tenants willing to pay above the voucher rate is likely minimal. However, the scarcity of renters also means that landlords must be prepared to cater to those who rely on government assistance to secure housing.
The affordability gap, represented by the difference between the median income and the ability to pay above the $950 voucher rate, implies that most potential tenants would prefer properties that accept Section 8 vouchers. This preference creates a scenario where landlords might face a choice between accepting lower rents through voucher programs or holding out for higher-paying, cash-paying tenants who are few and far between.
Takeaway for Landlords: In ZIP 24270, prioritizing acceptance of Section 8 vouchers could be a strategic advantage, given the high demand and low availability of affordable housing. While the $950 FMR may seem limiting, it ensures a steady stream of tenants and reduces vacancy rates, which is crucial in a market with a small pool of renters. Landlords should weigh the benefits of voucher stability against the risks of pursuing a smaller market of cash-paying tenants.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.