Location: Rockbridge County-Buena Vista city-Lexington city, VA | Metro: Rockbridge County-Buena Vista city-Lexington city, VA HUD Nonmetro FMR Area
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 | $840 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $990 | $307,711 | 0.32% | F |
| 3BR | $1,370 | $436,152 | 0.31% | F |
U.S. Census Bureau data (2024)
The market in ZIP code 24473, which encompasses Rockbridge Baths, Virginia, reveals a dynamic equilibrium between supply and demand. With a Fair Market Rent (FMR) set at $950 for the fiscal year 2026, landlords can expect steady rental income reflective of the area's economic conditions. The median home value stands at $388,530, indicating a relatively stable property market.
A notable figure is the 8.8% renter share, suggesting that a significant portion of the population relies on rental properties. This statistic underscores a persistent need for affordable housing options, which could translate into long-term housing pressure. Landlords and small-portfolio investors should be aware that maintaining a competitive rental rate is crucial for attracting tenants in this environment.
While specific data points such as market rent, the percentage of price cuts, and days on market (DOM) are currently unavailable, the existing figures allow us to infer certain market dynamics. The FMR provides a benchmark for rental pricing, ensuring that landlords can offer competitive rates while still covering costs. The median home value suggests that the area is not experiencing rapid appreciation or depreciation, making it a reliable investment for those looking to enter the real estate market.
The lack of precise market rent data indicates a potential gap in the availability of rental properties, which could mean that demand might be slightly higher than supply. However, without definitive time-series data, this remains an inference based on the snapshot provided. Investors should monitor local trends closely to make informed decisions.
In conclusion, the market in ZIP 24473 presents a balanced opportunity for real estate investment. Landlords can benefit from a steady rental income and a stable property value, while the 8.8% renter share highlights the ongoing need for rental properties. This combination suggests a market where demand for rentals is likely to remain consistent, providing a solid foundation for investment in the area.
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.