Location: Highland County, VA | Metro: Highland 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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $940 | $270,123 | 0.35% | F |
| 3BR | $1,230 | $283,715 | 0.43% | F |
| 4BR | $1,460 | $384,922 | 0.38% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 24465, which encompasses Monterey, VA, and the Highland County, VA metro area, is favorable but tight. The Fair Market Rent (FMR) for the fiscal year 2026 stands at $910, while the current market rent, according to Census ACS data, is $850. This indicates that landlords can aim for a slight premium over the market rate to align with FMR guidelines, though it leaves little room for significant increases.
Acquisition in this ZIP code is moderately affordable. With a median home value of $275,475, purchasing properties here is within reach for many investors. However, the lack of data on days on market (DOM) and the percentage of homes that required a price cut suggests that the local real estate market might be less dynamic or less tracked compared to urban areas. This could imply stability or a slower pace of transactions, which is important for investors looking for quick flips or rapid turnover.
Tenant demand in ZIP 24465 is relatively low due to its small population size of 1,403. Only 16.1% of the residents are renters, indicating a limited pool of potential tenants. Landlords must carefully consider their target market and possibly focus on attracting retirees, seasonal residents, or those seeking rural living.
In conclusion, ZIP 24465 offers a niche opportunity for landlords and small-portfolio investors who can manage tight margins and are prepared for a smaller, more stable tenant base. The affordability of acquisitions makes it a viable option, but the modest tenant demand requires strategic planning and a deep understanding of the local market dynamics.
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.