Location: Staunton-Stuarts Draft, 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 |
|---|---|---|---|---|
| 3BR | $1,570 | $402,860 | 0.39% | F |
| 4BR | $1,750 | $503,453 | 0.35% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 24467 in fiscal year 2024 is set at $1210. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, not the actual rent that tenants will pay. The actual rent paid by tenants is determined by their income level and is typically lower than the FMR.
To put this into perspective, the average rent for ZIP code 24467, based on Census American Community Survey (ACS) data, is $702. This means that landlords participating in the Section 8 program can expect to receive a higher rent payment compared to the market average, which could be beneficial for covering property costs and maintenance.
The 17.2% share of renters in the area indicates a moderate demand for rental properties. While not extremely high, it suggests there are enough potential tenants to fill your units. However, the key to success lies in understanding the local rental market and ensuring your property meets the necessary requirements for the Section 8 program.
If you're considering purchasing a property for a Section 8 rental, the median home value of $401,179 in ZIP 24467 should be a factor in your decision-making process. This figure represents the typical price you might pay for an existing home in the area, which could influence your ability to cover ongoing expenses and still make a profit.
Before proceeding with a Section 8 rental, verify that the property complies with the Housing Quality Standards (HQS). These standards ensure that the unit is safe, decent, and sanitary for occupancy. Meeting these criteria is non-negotiable and failing to do so can result in penalties or disqualification from the program.
In summary, the FMR of $1210 provides a cap on the rent you can charge under Section 8, offering a potentially higher income stream than the local average of $702. With a moderate renter share and a significant investment cost, due diligence in verifying HQS compliance is crucial for a successful Section 8 rental venture in ZIP 24467.
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.