Location: Highland County, VA | Metro: Highland County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 24442, set at $910 for the metro area fiscal year 2026, is a crucial figure for landlords and small-portfolio investors looking into Section 8 rentals. This amount represents the payment standard, which is the maximum rent that a landlord can charge a Section 8 tenant. It does not reflect the actual rent you would receive; rather, it's the ceiling price.
To put this into perspective, the local median rent for similar properties is currently listed as N/A. This absence of data suggests that the housing market in your area might be less competitive, or there could be limited rental listings available. Regardless, the FMR serves as a benchmark to ensure that rents charged under the Section 8 program remain affordable.
The FMR also helps gauge demand. With a 7.4% renter share, we can infer that a significant portion of the population in 24442 relies on rental housing. This indicates a steady demand for rental properties, especially those that offer affordability through programs like Section 8. Given the median household income in the area, the $910 payment standard is likely to attract tenants who need assistance with housing costs.
If you're considering purchasing a property to use as a Section 8 rental, the typical acquisition cost in ZIP 24442 is around $354,368. This figure represents the average price you might expect to pay for a suitable property. Understanding the acquisition cost is essential because it will impact your return on investment. For instance, if you purchase a property for $354,368 and can secure a tenant paying $910 monthly under the Section 8 program, you should calculate whether this income covers your mortgage, maintenance, and other expenses.
Before proceeding with a Section 8 rental in ZIP 24442, verify that the property meets the Housing Quality Standards (HQS). These standards ensure the safety and habitability of the unit and are a requirement for any property participating in the Section 8 program. Ensuring compliance with HQS is non-negotiable and will save you time and money in the long run.
Data Sources: FMR data from HUD (2027). 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.