Location: Kingsport-Bristol, TN | Metro: Kingsport-Bristol, TN-VA MSA
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 | $810 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,460 |
| 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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,160 | $167,733 | 0.69% | D |
| 3BR | $1,460 | $245,632 | 0.59% | F |
| 4BR | $1,560 | $315,680 | 0.49% | F |
U.S. Census Bureau data (2024)
Meadowview, VA, in ZIP code 24361, is a modest-sized neighborhood with a population of 4,484 residents. Only 20.2% of the inhabitants are renters, indicating a predominantly owner-occupied community. The median household income here stands at $70,556, suggesting a middle-class area where most residents have stable financial situations. The median home value in Meadowview is $226,624, which reflects the overall economic standing of the neighborhood.
The Federal Market Rent (FMR) for ZIP code 24361 in fiscal year 2024 is set at $980, while the average market rent, according to the Census Bureau's American Community Survey (ACS), is $840. This discrepancy highlights an opportunity for landlords who can manage properties to meet the higher FMR standards, potentially increasing their rental income through Section 8 participation. However, it also suggests that tenants might find the FMR amount higher than what they typically pay, making it important for landlords to balance property management costs with the potential for higher rents.
Given these factors, ZIP code 24361 would suit both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the slightly lower percentage of renters and the relatively stable median income suggest that there will be fewer issues with tenant turnover and maintenance. On the other hand, value-add buyers could leverage the difference between the FMR and the current market rent to improve property conditions and increase their rental income. They would need to ensure that any improvements made do not significantly raise the total cost above the $980 FMR limit.
In summary, Meadowview, VA offers a balanced environment for Section 8 investment, with clear opportunities for both passive and active management strategies. Landlords should consider the local rental dynamics and the potential for higher rents under the FMR guidelines when deciding whether to adopt a hands-off or hands-on approach.
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.