Location: Grayson County, VA | Metro: Staunton-Stuarts Draft, 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 | $980 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,570 | $201,814 | 0.78% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 24430 in fiscal year 2024 is set at $910. This figure represents the payment standard for Section 8 housing vouchers in your area, which is the amount that the government will pay towards your tenant's rent. It does not represent the total rent you can charge; rather, it sets an upper limit on what the voucher will cover. Typically, landlords can ask tenants to pay the difference between the FMR and the actual rent.
In comparison, the average rent in ZIP 24430, according to the latest Census American Community Survey (ACS), is $777. This means that while the FMR is higher, reflecting a government-set benchmark, the actual market rent might be lower. However, the Section 8 program guarantees a steady income source from the government, making it a reliable option for landlords.
The demand for rentals in ZIP 24430 is strong, with 47.3% of residents being renters. This indicates a significant portion of the population looking for affordable housing options, many of whom may qualify for Section 8 assistance. With such a high percentage of renters, there is likely a robust pool of potential tenants who could benefit from the program.
When considering purchasing a property in this area for a Section 8 rental, the median home value is around $174,683. This gives you a clear idea of the acquisition cost for a typical property. While the initial investment might seem substantial, the long-term benefits of a stable tenant base and guaranteed rental income can offset these costs over time.
Before committing to a Section 8 rental, verify that your property meets all the required inspection standards. The Housing Quality Standards (HQS) are designed to ensure that homes are safe and livable. A thorough understanding and compliance with these standards will prevent any unexpected issues that could delay your participation in the program.
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.