Location: Wise County-Norton city, VA | Metro: Dickenson County, VA
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 | $730 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,240 |
| 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 | $1,240 | $156,565 | 0.79% | D |
U.S. Census Bureau data (2024)
A skeptical investor considering ZIP 24283 might question whether the Fair Market Rent (FMR) of $910 for the fiscal year 2026 will sufficiently cover the mortgage on a home priced at $117,590. To address this, we must consider the typical mortgage payments in the area. According to recent financial models, a home costing $117,590 with a standard 30-year fixed-rate mortgage at an interest rate of around 4.5%, would result in a monthly payment of approximately $580. Thus, the FMR of $910 does indeed provide a buffer beyond the mortgage payment, allowing for other expenses such as maintenance and insurance.
The second objection concerns the level of renter demand in ZIP 24283, which stands at 31.7%. This figure indicates that a significant portion of residents are renters, but it's lower than the national average. However, the local rental market is steady, suggesting that while demand isn't exceptionally high, it remains consistent. This consistency can be crucial for small-portfolio investors who rely on stable cash flows rather than rapid growth.
A final concern could be whether Housing Choice Vouchers will keep up with the market rents, currently at $618. The voucher amount is expected to increase incrementally each year, but the exact figure for ZIP 24283 in 2026 is not available. Based on historical trends, we can anticipate that the voucher amounts will rise, though they may not reach the full market rent of $618. However, the gap between voucher amounts and market rents has historically been manageable, and many landlords find that accepting vouchers provides a reliable source of tenants.
In conclusion, while the data presents some challenges, it also highlights opportunities. The FMR comfortably covers mortgage payments, indicating financial feasibility. The renter demand, though not the highest, offers a stable tenant pool. Lastly, although the precise future of voucher amounts is uncertain, past trends suggest they will remain a viable option for landlords. These points should reassure investors looking into ZIP 24283.
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.