Location: Highland County, VA | Metro: Bath County, VA
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 | $770 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $960 | $170,658 | 0.56% | F |
| 3BR | $1,210 | $277,574 | 0.44% | F |
U.S. Census Bureau data (2024)
The ZIP code 24484, Warm Springs, VA, is primarily a homeowner-dominated area rather than a renter-heavy one. With a population of 486, only 10.5% are renters, indicating that the majority of residents own their homes. This means that the demand for rental properties using Section 8 vouchers will be relatively low compared to areas with higher percentages of renters.
The median household income in this ZIP code stands at $55,000, which is significantly lower than the Fair Market Rent (FMR) threshold of $910 per month for the metro area as of FY 2026. The typical market rent in Warm Springs is $369, which consumes approximately 7.5% of the median household income. This figure suggests that while rent is affordable for many residents, it still represents a considerable portion of their income.
To put this into perspective, the FMR of $910 is nearly double the actual market rent, indicating that the rental market in this area is less competitive and potentially offers more stability for landlords. However, the lower income levels also imply that tenants who might use Section 8 vouchers could face challenges in meeting the balance of rent required beyond the voucher amount.
A landlord in Warm Springs, VA, can expect tenants who are likely to be reliant on financial assistance such as Section 8 vouchers due to the relatively high cost of rent compared to local incomes. These tenants will typically have a monthly income below $55,000 and may require additional support to cover the gap between the voucher and the total rent. Given the low percentage of renters, competition for voucher-holding tenants is expected to be minimal, but landlords must be prepared to work with tenants who may struggle with consistent income sources.
In summary, Warm Springs, VA, is not a renter-heavy ZIP code with deep voucher demand. Instead, it is an area where landlords should prepare for a tenant pool that relies heavily on financial aid and may have limited income outside of their vouchers. While the overall rental market is stable and less competitive, the income levels suggest that tenants will need careful screening and possibly additional support to ensure timely rent payments.
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.