Section 8 Fair Market Rent (FMR) for ZIP 24370 - 2027

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

Investment Score for ZIP 24370

Monthly Rent (2BR)

$1,000

Median Price (2BR)

$82,881

1% Rule

1.21%

Annual Yield

14.48%

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	$740
1 Bedroom	$780
2 Bedrooms	$1,000
3 Bedrooms	$1,240
4 Bedrooms	$1,520
5 Bedrooms	$1,763
6 Bedrooms	$1,975
7 Bedrooms	$2,133
8 Bedrooms	$2,240

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,000	$82,881	1.21%	A
3BR	$1,240	$140,893	0.88%	C
4BR	$1,520	$177,924	0.85%	C

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

5,766

Median Household Income

$48,787

Housing Units

2,938

Renter Percentage

23.8%

Occupancy Rate

82.1%

Renter Occupied

573

Saltville, Virginia, located in the zip code 24370, is a small town with a unique historical background and a community that values its heritage. The real estate market here reflects the local economy and lifestyle, providing insights into investment opportunities and challenges for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for Saltville, VA, for fiscal year 2024 is set at $910 per month, indicating the rental value expected by the government for a standard two-bedroom apartment.
The actual market rent, based on Census American Community Survey (ACS) data, is lower at $747 per month, suggesting that landlords might need to adjust their expectations to align with current market conditions.
The median home value in Saltville is $117,769, which is relatively low compared to many other areas, making it accessible for first-time buyers and investors looking to purchase properties at a lower price point.
Renters make up 23.8% of the population, showing a significant but not overwhelming portion of the community relies on rental housing, which can be both a stable demand source and a potential limitation for landlords.
The median income in the area is $48,787, which provides context for the affordability of housing and the potential income level of tenants.
The average number of days on the market (DOM) for homes is not available, which could indicate either a very active or inactive real estate market, depending on the reason for the lack of data.

In summary, Saltville, VA, offers a niche market with lower median home values and a moderate renter share, making it suitable for investors seeking affordable entry points. However, the gap between the FMR and market rent suggests that landlords should carefully consider pricing strategies to remain competitive. The median income figure supports the idea that tenants in this area will likely have limited budgets, which should influence the type and quality of rental units offered. The absence of DOM data requires further investigation to understand the dynamics of property turnover and sales activity in the area.

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.