Location: Mecklenburg County, VA | Metro: Halifax 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 | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,030 | $224,405 | 0.46% | F |
| 3BR | $1,350 | $277,329 | 0.49% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 24529, located in Buffalo Junction, VA, within the Mecklenburg County, VA metro area, does not favor landlords. The Fair Market Rent (FMR) for the fiscal year 2026 is set at $960, but the actual market rent as per the Census ACS data stands at $830. This discrepancy means that landlords might struggle to charge rents at the FMR level, which could impact profitability.
Acquisition in this ZIP code is relatively affordable, with a median home value of $256,084. However, the lack of available data on days on market (DOM) and the percentage of homes needing price cuts suggests that the local real estate market may be less active or less transparent compared to other areas. This could make it challenging to gauge the speed of sales and the necessity for price adjustments.
Tenant demand is present, though limited by the size of the population. With a total population of 1,345, and 32.3% of those being renters, there are approximately 433 potential tenants. This number is small, indicating that competition among landlords for rental properties could be high, and finding and retaining quality tenants may require effort.
Verdict: While the acquisition cost in ZIP 24529 is reasonable, the lower market rent compared to the FMR and the limited tenant pool suggest that investing here requires careful consideration. Landlords must be prepared for potentially lower-than-expected rental income and a competitive environment for attracting tenants. The affordability of home values provides an entry point, but success hinges on managing expectations regarding rent levels and tenant availability.
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.