Section 8 Fair Market Rent (FMR) for ZIP 24340 - 2027

Location: Smyth County, VA | Metro: Kingsport-Bristol, TN-VA MSA

Investment Score for ZIP 24340

Monthly Rent (2BR)

$1,040

Median Price (2BR)

$136,390

1% Rule

0.76%

Annual Yield

9.15%

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	$720
1 Bedroom	$810
2 Bedrooms	$1,040
3 Bedrooms	$1,310
4 Bedrooms	$1,400
5 Bedrooms	$1,624
6 Bedrooms	$1,819
7 Bedrooms	$1,965
8 Bedrooms	$2,063

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	$1,040	$136,390	0.76%	D
3BR	$1,310	$219,898	0.6%	F
4BR	$1,400	$287,515	0.49%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

6,111

Median Household Income

$70,950

Housing Units

2,611

Renter Percentage

25.1%

Occupancy Rate

89.0%

Renter Occupied

583

The ZIP code 24340, located in Glade Spring, VA, hosts a population of 6,111 residents. With 25.1% of the population being renters, it indicates a modest but present tenant pool. The median household income stands at $70,950, providing a baseline for assessing rental affordability.

The market rent for the area is $846, which represents approximately 12% of the median household income. This suggests that while rent is not exorbitantly high compared to local incomes, it still constitutes a significant portion of monthly earnings. For context, the Fair Market Rent (FMR) for the area is set at $920 for FY 2024, indicating that market rents are slightly below the benchmark established by HUD.

The presence of Section 8 tenants can be gauged by comparing the market rent to the FMR. Given that the market rent is lower than the FMR, there is likely a reasonable demand for housing vouchers among the tenant population. However, due to the relatively low percentage of renters, the overall number of Section 8 tenants will not be overwhelming. Landlords should anticipate a mix of tenants, including those who may qualify for vouchers, alongside other renters paying market rates.

To further analyze the potential for Section 8 tenants, consider the following:

Rental Demand: With 25.1% of the population renting, there is a steady demand for rental properties. However, this percentage is not exceptionally high, suggesting that the area is not dominated by renters.
Voucher Availability: Although the exact number of available vouchers is not specified, the fact that market rents are below the FMR implies that some tenants might have access to housing vouchers.
Tenant Profile: Landlords can expect tenants with a variety of income levels. Some will rely on Section 8 vouchers to cover their rent, while others will pay the full market rate out-of-pocket. The typical tenant will likely be working individuals or families who value affordable housing options.

In conclusion, while ZIP 24340 has a modest tenant pool, it offers opportunities for landlords interested in Section 8 tenants. The area's rental market is balanced, with a mix of voucher users and non-voucher users, making it suitable for those willing to navigate the complexities of working with both types of tenants.

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.