Location: Rockbridge County-Buena Vista city-Lexington city, VA | Metro: Rockbridge County-Buena Vista city-Lexington city, VA HUD Nonmetro FMR Area
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 | $800 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $940 | $158,978 | 0.59% | F |
| 3BR | $1,310 | $233,050 | 0.56% | F |
U.S. Census Bureau data (2024)
ZIP code 24555, located in Glasgow, VA, falls within the Rockbridge County-Buena Vista city-Lexington city, VA HUD Nonmetropolitan statistical area. Comparatively, it presents distinct characteristics that position it uniquely within the broader metro context.
The Fair Market Rent (FMR) for ZIP 24555 is set at $910 for fiscal year 2026, which is notably higher than the market rent of $804. This suggests that the government's estimate of what constitutes a fair rent is above what the market naturally dictates, potentially indicating an area where rental properties could be underpriced relative to their FMR benchmark. The median home value of $207,921 is also reflective of the local housing market's affordability, being within a range that is neither exceptionally low nor high compared to other ZIP codes in the region.
A significant point of interest is the 24.3% renter share in ZIP 24555. This percentage is indicative of a moderate level of renters, suggesting that while owner-occupied homes are prevalent, there is still a notable demand for rental properties. Typically, a higher renter share with lower home values can signal a potential sweet spot for Section 8 investments, as it aligns with areas where the need for affordable rentals is high.
To determine whether ZIP 24555 is a value pocket, a mid-tier neighborhood, or a premium sub-market, we must consider the interplay between its FMR, market rent, and median home value. Given that the FMR exceeds the market rent and the home values are moderate, it leans towards being a value pocket. Value pockets are areas where the cost of living is relatively lower compared to the surrounding regions, making them attractive for both tenants seeking affordable housing and investors looking for opportunities to capitalize on undervalued real estate assets.
However, the analysis should be nuanced. While the FMR and market rent suggest potential for rental income growth, the median home value indicates a balance in the overall housing market. This makes ZIP 24555 a viable option for landlords and small-portfolio investors who are looking for a blend of affordability and potential for appreciation or rental yield increases.
In summary, ZIP 24555 appears to be a value pocket within its larger metro area, characterized by a moderate renter share and home values that sit comfortably within the middle range. These factors make it an appealing choice for investors interested in leveraging the current dynamics of the housing market in this region.
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.