Location: Rockbridge County-Buena Vista city-Lexington city, 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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,140 | $172,390 | 0.66% | D |
| 3BR | $1,570 | $260,603 | 0.6% | D |
U.S. Census Bureau data (2024)
The potential risks for a first-time Section 8 landlord in ZIP 24439, Goshen, VA, are significant. Tenant turnover is likely to be higher due to the disparity between the market rent of $796 and the Fair Market Rent (FMR) of $910 for FY 2024. This discrepancy means that tenants who are used to paying market rates might struggle to adjust to the slightly lower FMR rates provided by Section 8 vouchers, leading to increased turnover.
Vacancy exposure is another concern. With the Days on Market (DOM) being N/A, it's unclear how quickly properties can be rented out once they become vacant. This uncertainty adds a layer of risk, as prolonged vacancies can lead to financial strain for landlords. Furthermore, the typical home value of $215,024 combined with the median income of $47,219 suggests a high deferred maintenance exposure. Landlords will need to be prepared to invest in property upkeep, as many residents might not have the disposable income to cover such costs, leaving the responsibility to the landlord.
However, these risks must be weighed against the 10.0% renter share, which indicates a relatively high concentration of renters in the area. High renter density usually correlates with greater demand for housing vouchers, making it easier to find tenants willing to use Section 8 vouchers. This factor can mitigate some of the concerns related to vacancy and turnover.
Verdict: Moderate risk for a first-time Section 8 landlord in ZIP 24439, Goshen, VA.
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.