Section 8 Fair Market Rent (FMR) for ZIP 24541 - 2027

Location: Pittsylvania County-Danville city, VA | Metro: Pittsylvania County-Danville city, VA HUD Nonmetro FMR Area

Investment Score for ZIP 24541

Monthly Rent (2BR)

$1,010

Median Price (2BR)

$102,548

1% Rule

0.98%

Annual Yield

11.82%

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	$700
1 Bedroom	$820
2 Bedrooms	$1,010
3 Bedrooms	$1,380
4 Bedrooms	$1,530
5 Bedrooms	$1,775
6 Bedrooms	$1,988
7 Bedrooms	$2,147
8 Bedrooms	$2,254

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$820	$69,964	1.17%	B
2BR	$1,010	$102,548	0.98%	C
3BR	$1,380	$188,878	0.73%	D
4BR	$1,530	$271,685	0.56%	F
5BR	$1,775	$399,144	0.44%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

28,042

Median Household Income

$51,427

Housing Units

14,576

Renter Percentage

46.3%

Occupancy Rate

84.6%

Renter Occupied

5,709

Danville, Virginia, represented by ZIP code 24541, is a small city with a mix of residential and commercial properties. The local real estate market reflects a balance between affordable housing and rental opportunities, making it a viable option for both homeowners and investors. Here's a concise breakdown of key metrics that inform investment decisions:

The Fair Market Rent (FMR) for Danville is set at $980 per month for a metro area, effective for fiscal year 2026.
The market rent, as measured by Zillow's ZORI, stands at $1,227 per month, indicating a higher average rental price compared to the FMR.
The median home value in the area is $160,247, offering relatively low entry costs for potential homeowners.
Renters make up 46.3% of the population, showing a significant portion of residents prefer renting over owning.
The Days on Market (DOM) for rentals averages 77 days, suggesting a moderate speed in finding tenants.
The median household income in Danville is $51,427, which provides insight into the financial capacity of the local population to afford housing.

Investors in Danville should focus on rental properties, given the substantial renter share and the gap between FMR and market rent. While the median home value indicates affordability for buyers, the rental market presents a more immediate opportunity with reasonable vacancy periods and a stable income level among residents. This suggests that rental properties can be effectively managed and yield consistent returns without excessive risk.

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.