Location: Grayson County, VA | Metro: Carroll County-Galax city, VA HUD Nonmetro FMR Area
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 | $820 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $940 | $142,908 | 0.66% | D |
| 3BR | $1,300 | $204,067 | 0.64% | D |
| 4BR | $1,450 | $268,797 | 0.54% | F |
| 5BR | $1,682 | $335,794 | 0.5% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 24333, located in Galax, VA, within the Grayson County, VA metro area, does not favor landlords. The Fair Market Rent (FMR) for the fiscal year 2026 is set at $930, whereas the actual market rent reported by the Census ACS stands at $763. This discrepancy indicates that landlords might struggle to command rents at the FMR level, potentially leading to reduced profitability.
Acquisition in this area is relatively affordable. The median home value is $183,344, which is within reach for many small-portfolio investors. However, the lack of data on days on market (DOM) and the fact that only 0.2% of homes are subject to price cuts suggest a stable but not particularly dynamic housing market. This could mean slower sales and less flexibility in pricing strategies.
Tenant demand in ZIP 24333 is moderate. With a total population of 17,390 and a renter share of 30.8%, there are approximately 5,345 potential renters. While this number represents a significant portion of the population, it is important to note that the overall size of the market limits the number of available tenants.
In conclusion, while the acquisition cost is manageable, the mismatch between FMR and actual market rent suggests that landlords will face challenges in achieving optimal rental income. The moderate tenant demand provides a steady base of potential renters but does not indicate robust growth opportunities. Landlords and small-portfolio investors should carefully consider these factors before entering the ZIP 24333 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.