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 | $870 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,280 |
| 5 Bedrooms | $1,485 |
| 6 Bedrooms | $1,663 |
| 7 Bedrooms | $1,796 |
| 8 Bedrooms | $1,886 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $940 | $175,543 | 0.54% | F |
| 3BR | $1,270 | $229,999 | 0.55% | F |
| 4BR | $1,280 | $316,564 | 0.4% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 24348, Independence, Virginia, is set at $910 for the metro area fiscal year 2026. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, which means that if you participate in this program, the government will pay up to $910 per month for a typical two-bedroom apartment. However, this does not dictate the actual rent you can charge your tenants.
To put this into perspective, the average rent in Independence, as reported by the Census Bureau's American Community Survey (ACS), is $612 per month. This indicates that the FMR is higher than the local average, which could be beneficial for landlords who want to ensure they receive a competitive rate for their properties.
The demand for rentals in Independence is substantial, with 24.3% of residents being renters. This percentage suggests a healthy market for rental properties, making it likely that there will be tenants interested in renting through the Section 8 program.
If you're looking to acquire a property in Independence, you should be prepared for an investment. The median home value in the area is approximately $216,843, reflecting the cost of entering the real estate market here. It’s important to note that this figure includes both rental and owner-occupied homes, so the actual price of a rental property might vary.
Before committing to a Section 8 rental, verify that your property meets the housing quality standards required by the program. These standards ensure that the unit is safe, decent, and sanitary for tenants. Compliance with these standards is mandatory for participation in the program, and failing to meet them can result in penalties or loss of eligibility.
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.