Location: Wythe 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 | $860 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $165,434 | 0.61% | D |
| 3BR | $1,380 | $229,826 | 0.6% | D |
| 4BR | $1,560 | $278,293 | 0.56% | F |
U.S. Census Bureau data (2024)
The ZIP code 24360, located in Max Meadows, Virginia, has a population of 5,750 residents, with 16.5% of them being renters. This indicates that it is primarily a homeowner-dominated area rather than a renter-heavy market. The median household income in this region stands at $54,792, which is an important figure when considering the affordability of housing.
The typical market rent in ZIP 24360 is $921 per month. To understand the financial burden this places on renters, we can calculate that this rent constitutes approximately 17.2% of the median household income. This calculation is based on dividing the monthly rent by the annual median income and multiplying by 12 to get a percentage. Specifically, $921 / ($54,792 / 12) * 100 = 17.2%. This percentage suggests that while rent is a significant portion of income, it remains manageable for most households.
Comparing the market rent to the Fair Market Rent (FMR), which is set at $910 for FY 2026 in the metropolitan area, shows that the market rent in Max Meadows slightly exceeds the FMR. However, the difference is minimal, indicating that the rental market closely aligns with government standards for affordable housing.
Given the homeowner-dominated nature of the area, landlords in ZIP 24360 should expect tenants who rely on Section 8 vouchers to be part of a smaller but still present segment of the rental market. These tenants will likely have a household income below the median, necessitating assistance to cover their rent. The expected tenant profile would include families who are eligible for housing vouchers due to their lower income levels, often below 50% of the area's median income. Landlords should prepare for tenants who require consistent support and possibly more engagement in terms of maintenance and compliance with HUD regulations.
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.