Section 8 Fair Market Rent (FMR) for ZIP 24566 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$850
1 Bedroom	$1,000
2 Bedrooms	$1,240
3 Bedrooms	$1,710
4 Bedrooms	$1,910
5 Bedrooms	$2,216
6 Bedrooms	$2,482
7 Bedrooms	$2,681
8 Bedrooms	$2,815

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,084

Median Household Income

$65,508

Housing Units

609

Renter Percentage

1.4%

Occupancy Rate

82.6%

Renter Occupied

The ZIP code 24566 is located in a suburban area of Virginia, known for its quiet neighborhoods and proximity to larger metropolitan areas offering employment opportunities. This region provides a stable environment for both homeowners and renters, though the real estate market dynamics present unique challenges and opportunities for investors.

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,370. This figure represents the benchmark for rental prices, ensuring that properties are priced competitively within the local market.
The median home value in ZIP 24566 stands at $164,931, indicating that the area is affordable for potential buyers and offers a good opportunity for property investment.
Renters constitute only 1.4% of the total housing units in the area, suggesting a predominantly owner-occupied market. This low percentage could mean limited demand for rental properties but also implies a strong community foundation.
The median household income in the area is $65,508, providing insight into the economic stability and purchasing power of residents. This income level supports moderate rental pricing without exceeding affordability.

In summary, ZIP 24566 presents a niche market for real estate investment, particularly for those interested in long-term stability rather than high rental yields. The low renter share indicates a focus on homeownership, which can be advantageous for buy-and-hold strategies. However, the competitive rental pricing, as indicated by the FMR, suggests that rental properties must be well-managed to attract tenants. The affordable median home value offers a gateway for investors looking to enter the market with a reasonable capital outlay, while the median income levels support a sustainable rental market, albeit at modest rates.

Data Sources: FMR data from HUD (2027). 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.