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 | $810 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $990 | $198,790 | 0.5% | F |
| 3BR | $1,210 | $302,022 | 0.4% | F |
U.S. Census Bureau data (2024)
ZIP code 24487 encompasses the rural Virginia neighborhood of Williamsville, characterized by a modest population of 566 residents. The area has a notable rental presence, with 37.9% of the households being tenants, indicating a significant portion of the community relies on rented properties. The median household income here stands at $54,803, reflecting a middle-class demographic. Property values in Williamsville are relatively stable, with the median home value assessed at $246,489.
Turning to the economic realities of renting in Williamsville, the Fair Market Rent (FMR) for fiscal year 2026 is set at $960. This figure represents the government's benchmark for determining the maximum amount that a Section 8 tenant can pay for housing in the region. However, due to limited data availability, there is no specific information on the market rent for the area, which means the actual rent charged could vary widely. In such cases, it is advisable for landlords to conduct their own local research to ensure they are pricing competitively while remaining within the bounds of the FMR.
Given the characteristics of Williamsville, it would likely appeal to hands-off Section 8 operators who seek stable returns without the need for extensive property management. The low market volatility and the predictable income stream provided by the Section 8 program make it an attractive option for those who prefer passive investment strategies. On the other hand, for hands-on investors looking to add value through renovations or improvements, the area presents opportunities for enhancing property quality and potentially increasing rental income beyond the FMR, though such efforts require careful consideration of costs versus benefits and a thorough understanding of the local housing market dynamics.
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.