Location: Wythe 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 | $800 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,290 |
| 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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,290 | $194,246 | 0.66% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 24374 are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2026 is set at $910. This figure represents the maximum amount that the housing authority will pay towards a tenant's rent subsidy. However, it's important to note that the local market rent is currently unavailable, which can make direct comparisons challenging.
A Section 8 voucher works by covering a significant portion of the rent, but not all. Specifically, the voucher pays an amount equal to the difference between the SAFMR and the tenant's portion of the rent, which is typically 30% of their income. In addition to the base rent, there are utility allowances that vary based on the type of unit and location. For ZIP 24374, these allowances would be added to the $910 SAFMR to determine the total subsidy amount.
To illustrate, let's assume a tenant's income is $1,500 per month. Their portion of the rent would be $450 (30% of $1,500). If the landlord charges $910 for the two-bedroom apartment, the voucher would cover the remaining $460 ($910 - $450). Utility allowances are also factored into the equation, though the exact amount is not specified here. These allowances are designed to help cover electricity, gas, water, and sewer costs.
The SAFMR of $910 applies specifically to this ZIP code, meaning it is tailored to reflect the local rental market conditions. Landlords should understand that while the voucher covers most of the rent, they must still ensure that the total rent charged does not exceed the SAFMR limit.
In conclusion, landlords in ZIP 24374 can expect a reimbursement of up to $910 for a two-bedroom apartment under the Section 8 program. Given the unavailability of local market rent data, it's difficult to quantify the exact reimbursement gap or surplus. However, if the market rent is higher than $910, landlords may experience a shortfall; conversely, if the market rent is lower, they might see a surplus. It's crucial for landlords to balance their rental rates with the SAFMR to ensure compliance with the program while maintaining financial viability.
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.