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 | $294,479 | 0.39% | F |
| 3BR | $1,570 | $374,564 | 0.42% | F |
| 4BR | $1,750 | $522,204 | 0.34% | F |
U.S. Census Bureau data (2024)
The ZIP code 24472, located in Raphine, Virginia, has a population of 2,176 individuals, with 14.5% of them being renters. This indicates that it is primarily a homeowner-dominated area rather than a renter-heavy zone. The median household income stands at $51,429, which provides a benchmark for assessing the financial capacity of potential tenants.
In terms of rental demand, the market rent for the area is $873 per month. This figure represents approximately 17% of the median household income when calculated annually. To put this into perspective, the Fair Market Rent (FMR) for the fiscal year 2024 is set at $910 for this ZIP code. This suggests that the market rent is slightly below the FMR, indicating a reasonable pricing point for landlords.
The percentage of renters in Raphine is relatively low, implying that the demand for Section 8 vouchers might also be lower compared to areas with higher renter populations. However, given the median income level and the market rent, the typical rent eats up about 17% of the annual income, which is within an acceptable range for government assistance programs aiming to ensure housing affordability.
A landlord in Raphine can expect tenants who rely on Section 8 vouchers to have a significant portion of their income allocated towards housing costs. Given the median income of $51,429, a tenant receiving a voucher would likely need to find a balance between the voucher amount and any additional rent required to cover the total cost of living in a property valued at $873 per month.
Overall, while the ZIP code is not heavily populated with renters, there is still a segment of the population that relies on government housing assistance. Landlords should prepare for tenants who may have limited disposable income beyond their housing expenses, but the market rent aligns well with the FMR, suggesting a stable and predictable rental environment.
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.