Section 8 Fair Market Rent (FMR) for ZIP 24311 - 2027

Location: Smyth County, VA | Metro: Smyth County, VA

Investment Score for ZIP 24311

Monthly Rent (2BR)

$940

Median Price (2BR)

$122,079

1% Rule

0.77%

Annual Yield

9.24%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$750
1 Bedroom	$780
2 Bedrooms	$940
3 Bedrooms	$1,220
4 Bedrooms	$1,460
5 Bedrooms	$1,694
6 Bedrooms	$1,897
7 Bedrooms	$2,049
8 Bedrooms	$2,151

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$940	$122,079	0.77%	D
3BR	$1,220	$165,251	0.74%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,526

Median Household Income

$48,516

Housing Units

904

Renter Percentage

26.0%

Occupancy Rate

78.4%

Renter Occupied

184

The Atkins, Virginia, area, represented by ZIP code 24311, is situated in a rural setting with modest economic conditions. The region's housing market reflects these characteristics, with a mix of rental and homeownership options available to residents. Here’s a detailed look at the key metrics that define the investment landscape in this area:

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $910.
The market rent, based on Census American Community Survey (ACS) data, stands at $800.
The median home value in the area is $150,980, indicating relatively affordable property prices.
Renters make up 26.0% of the local housing market, suggesting a moderate demand for rental properties.
The median household income is $48,516, which influences the affordability and desirability of housing options.
Note: Data on days on market (DOM) is currently unavailable, but this metric is crucial for understanding the speed of property sales.

Analyzing these points, investors can see that Atkins offers a stable, albeit modest, market for both rental and home purchase investments. With the Fair Market Rent slightly higher than the market rent, there is potential for rental properties to be priced competitively yet still attract tenants. The median home value suggests that purchasing homes in this area could be a financially viable option, especially considering the median income levels. Given the 26.0% renter share, there is a steady demand for rental units, making it a suitable location for small-portfolio investors looking for consistent cash flow. However, without specific days on market data, it's challenging to gauge how quickly homes might sell, though the overall economic profile indicates a market that favors long-term stability over rapid appreciation.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.