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 | $1,180 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,850 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,360 | $261,261 | 0.52% | F |
| 3BR | $1,850 | $355,432 | 0.52% | F |
| 4BR | $2,040 | $418,257 | 0.49% | F |
U.S. Census Bureau data (2024)
Stuarts Draft, VA, with a ZIP code of 24477, is a modest-sized community situated in the heart of the Shenandoah Valley. The area boasts a total population of 11,482 residents, with 20.4% of them being renters. This indicates a predominantly owner-occupied environment, suggesting a stable and rooted community where long-term residency is common. The median household income stands at $84,260, which is above the national average, reflecting a prosperous local economy driven by diverse employment opportunities. The median home value in Stuarts Draft is $349,552, underscoring the region's appeal as a desirable place to live, offering quality housing options that cater to middle to upper-middle-class families.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP code 24477 as of fiscal year 2024 is set at $1,320. This figure, established by HUD, represents the maximum amount a Section 8 voucher holder can pay for rent and utilities. In contrast, the actual market rent, according to Census ACS data, averages around $1,247. This means that landlords who accept Section 8 vouchers in Stuarts Draft can expect to receive a slightly higher rent compared to the typical market rate, making it a financially viable option for those seeking consistent rental income without the need for extensive property management.
The question remains whether Stuarts Draft, VA is better suited for a hands-off voucher operator or a hands-on value-add buyer. Given the relatively low percentage of renters and the modest size of the community, a hands-off approach may be more appropriate. Landlords who are comfortable with government programs and require minimal tenant interaction will find Stuarts Draft a suitable location. However, for those inclined towards a hands-on strategy, there is potential for value-add investments by targeting the local rental market with improved amenities or services, especially given the area’s affluent demographic. Such an approach could attract tenants willing to pay above the market rate, thereby increasing rental yields beyond what is possible through Section 8 alone.
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.