Section 8 Fair Market Rent (FMR) for ZIP 24282 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$740
1 Bedroom	$770
2 Bedrooms	$980
3 Bedrooms	$1,310
4 Bedrooms	$1,330
5 Bedrooms	$1,543
6 Bedrooms	$1,728
7 Bedrooms	$1,866
8 Bedrooms	$1,959

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,181

Median Household Income

$31,369

Housing Units

412

Renter Percentage

25.5%

Occupancy Rate

90.5%

Renter Occupied

The ZIP code 24282, located in the Appalachian region of Virginia, offers a unique market opportunity for landlords and small-portfolio investors. This area is characterized by its blend of rural charm and proximity to urban amenities, making it a desirable location for those seeking affordable living.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $930, providing a benchmark for rental pricing in the area.
The market rent for the ZIP code is currently not available, which suggests that the rental market might be less competitive compared to larger urban centers.
The median home value in this ZIP code is not available, indicating a lack of recent sales data which can be typical in smaller or less active real estate markets.
Renters make up 25.5% of the housing market, showing a significant portion of the population relies on rental properties, a trend that supports investment in the rental sector.
The days on market (DOM) figure is not available, which could imply that properties are either quickly sold or there is limited activity in the residential real estate market.
The median household income stands at $31,369, reflecting a lower economic bracket where affordable housing options are crucial and can be highly sought after.

Investors should take note of the relatively high Fair Market Rent compared to the median income, suggesting a potential for stable rental returns. The limited availability of market rent and median home value data indicates a less volatile but also less liquid market, suitable for long-term investments. With a quarter of the population renting, demand for rental properties is present, and the quick turnover suggested by the days on market metric implies that properties will likely be occupied promptly. Overall, ZIP 24282 presents a niche market with opportunities for steady income through rental properties, particularly those priced within the reach of the local median income level.

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.