Location: Smyth County, VA | Metro: Smyth 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 | $710 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $940 | $108,203 | 0.87% | C |
| 3BR | $1,170 | $174,088 | 0.67% | D |
| 4BR | $1,460 | $242,639 | 0.6% | D |
| 5BR | $1,694 | $295,671 | 0.57% | F |
U.S. Census Bureau data (2024)
The ZIP code 24354, located in Marion, Virginia, stands out within Smyth County due to its unique demographic and economic characteristics. With a population of 13,011 residents, 35.0% of whom rent their homes, Marion has a median household income of $44,502. The median home value in this area is notably higher at $158,038, reflecting a mix of affordable housing options alongside more valuable properties.
The economics of Section 8 vouchers in Marion provide a significant opportunity for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $910, which is considerably above the current market rate of $712 as reported by the Census Bureau's American Community Survey (ACS). This difference means that landlords can potentially receive higher rental payments through the Section 8 program compared to typical market rates, making it an attractive option for property owners looking to secure steady tenants.
Evaluating the overall data signature of ZIP 24354, it appears stable rather than transitional. The relatively high median home value suggests a certain level of economic stability within the community, while the FMR exceeding the market rate indicates a favorable environment for landlords participating in the Section 8 program. This stability, combined with the economic benefits of the Section 8 program, positions Marion as a solid investment choice for those interested in leveraging government assistance programs for rental income.
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.