Section 8 Fair Market Rent (FMR) for ZIP 24482 - 2027

Location: Staunton-Stuarts Draft, VA | Metro: Staunton-Stuarts Draft, VA MSA

Investment Score for ZIP 24482

N/A

Monthly Rent (2BR)

$1,290

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,120
1 Bedroom	$1,130
2 Bedrooms	$1,290
3 Bedrooms	$1,760
4 Bedrooms	$1,930
5 Bedrooms	$2,239
6 Bedrooms	$2,508
7 Bedrooms	$2,709
8 Bedrooms	$2,844

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,760	$307,632	0.57%	F
4BR	$1,930	$410,649	0.47%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

5,312

Median Household Income

$75,866

Housing Units

2,032

Renter Percentage

22.2%

Occupancy Rate

92.8%

Renter Occupied

419

The ZIP code 24482 has a population of 5,312 residents, with 22.2% being renters. The median household income stands at $75,866. This indicates that while there is a significant portion of renters, it is not a renter-heavy area compared to some other markets. The presence of Section 8 tenants can be expected to be moderate, given the percentage of renters.

The market rent for the area is $1,279, which represents approximately 16.8% of the median household income. This calculation is derived from dividing the market rent by the median household income and multiplying by 100. The Fair Market Rent (FMR) set by HUD for this ZIP code is $1,110 (for FY 2024), indicating that market rents are slightly above the FMR threshold.

To further analyze the depth of voucher demand, consider the following:

Renter Percentage: With only 22.2% of the population renting, the demand for rental properties is moderate, not high. This suggests that the number of Section 8 vouchers in circulation might also be limited.
Income Levels vs. Rent: Given that the typical rent consumes about 16.8% of the local income, it is relatively affordable for most residents. However, for those relying on Section 8 vouchers, the gap between the voucher amount ($1,110) and the market rent ($1,279) is notable. Landlords should expect to cover the difference, which amounts to $169 per month, if they wish to attract voucher holders.

A landlord in ZIP 24482 should anticipate a tenant pool that includes both individuals with higher incomes who can afford market rates and those who rely on Section 8 vouchers. The latter group will likely require assistance to bridge the gap between the voucher amount and the actual rent charged. It's important for landlords to understand the balance between these two groups and how it impacts their investment strategy.

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.