Location: Grayson County, VA | Metro: Grayson 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 | $800 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $950 | $209,114 | 0.45% | F |
| 3BR | $1,280 | $259,842 | 0.49% | F |
U.S. Census Bureau data (2024)
The real estate market in ZIP 24326, Elk Creek, VA, presents a nuanced landscape for both landlords and small-portfolio investors. With a median home value of $238,959, the area remains accessible for a broad range of buyers, indicating a stable demand for homeownership. However, the lack of data on the percentage of listings that have been reduced and the median days on market (DOM) suggest a balanced market where neither sellers nor buyers hold significant leverage.
On the rental side, the Fair Market Rent (FMR) for the metro area as of fiscal year 2026 is set at $920. This figure provides a benchmark for landlords to align their rental prices with market standards, ensuring they remain competitive while maximizing returns. The absence of current market rental data prevents a direct comparison to recent trends, but it's reasonable to assume that the rental market in Elk Creek mirrors broader regional patterns, maintaining steady demand driven by its affordability and proximity to larger urban centers.
For long-term investors, the setup in ZIP 24326 implies a realistic appreciation thesis rooted in the area's economic fundamentals. As the broader Virginia economy continues to grow, with job creation and population influx, the underlying demand for housing will likely persist. This suggests that property values in Elk Creek could continue to rise, albeit gradually, aligning with historical trends and the state's overall economic trajectory. However, the precise rate of appreciation cannot be determined without additional data points, such as past appreciation rates and future development plans.
A balanced market, characterized by the median home value and the absence of significant seller concessions, indicates that landlords and small-portfolio investors can maintain their current pricing strategies. The FMR serves as a reliable indicator for setting rental rates, ensuring properties remain attractive to tenants without undervaluing the asset. Long-term appreciation potential, though uncertain, is supported by the area's accessibility and growth dynamics, making Elk Creek a viable option for those looking to invest in a stable, moderately appreciating market.
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.