Location: Lynchburg, VA | Metro: Lynchburg, VA MSA
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 | $930 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $193,267 | 0.55% | F |
| 3BR | $1,480 | $288,746 | 0.51% | F |
| 4BR | $1,580 | $431,491 | 0.37% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 24550, located in Evington, VA, within the Lynchburg, VA MSA metro area, does not work favorably for landlords. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $980, while the market rent as reported by the Census ACS stands at $838. This discrepancy indicates that landlords may struggle to cover their costs if they rely solely on the market rent, as it falls short of the FMR benchmark.
Acquisition in this ZIP code is not particularly affordable. The median home value is $291,846, which is a significant investment for landlords and small-portfolio investors. With the data showing N/A for days on the market (DOM) and the percentage of homes needing price cuts, it's challenging to gauge how quickly properties can be sold or if they need to be discounted. However, the high median home value suggests that initial investments will be substantial, potentially limiting the number of opportunities for affordable acquisitions.
Tenant demand in ZIP 24550 is relatively strong. The population of 8,190 residents includes a 21.9% renter share, indicating a consistent pool of potential tenants. This percentage translates into approximately 1,789 renters, providing a steady base of demand for rental properties. Landlords can expect a reasonable level of interest in their properties, given the sizeable portion of the population that prefers renting over owning.
Overall, ZIP 24550 presents a mixed picture for real estate investment. While there is a solid tenant demand, the rent math is unfavorable, and acquisition costs are high. Investors should carefully consider these factors before making any decisions, ensuring that they can manage the financial pressures associated with lower-than-FMR rental income and higher-than-average property values.
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.