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 | $1,060 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,660 | $396,213 | 0.42% | F |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP 24479 reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. For FY 2024, the FMR stands at $1210. However, the latest available data indicates that the median home value in this ZIP code is $382,152, with a median income of $80,583. Given the context of 10.3% of residents being renters, it is crucial to understand the implications of this FMR figure.
Upon reviewing the data from ZIP Code 24479, the market rent appears to be higher than the FMR. The median gross rent reported is $728, which suggests that the actual market rent could exceed this amount. To state the gap explicitly, if we assume the median gross rent as a proxy for market rent, then the FMR is $482 above the market rent. This translates to an increase of approximately 66.2% over the market rent.
The high FMR relative to the market rent means that voucher tenants can effectively rent properties at rates significantly above what the open market would bear. This makes the ZIP 24479 a yield play for landlords and small-portfolio investors. The discrepancy allows property owners to receive rental payments that are closer to the FMR, thus potentially increasing their net yields.
However, this also means that landlords may face challenges in finding suitable properties to rent out to voucher holders. The cost of housing voucher tenants below open-market rates could result in lower occupancy rates or difficulty in attracting non-voucher tenants due to the perceived stigma associated with Section 8 properties.
In summary, the gap between the FMR and market rent in ZIP 24479 presents both opportunities and challenges for landlords. While the potential for higher yields exists, there is also the risk of reduced demand from non-voucher tenants, necessitating a careful strategy to balance these factors.
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.