Location: Pittsylvania County-Danville city, 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 | $840 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,290 | $163,363 | 0.79% | D |
U.S. Census Bureau data (2024)
The ZIP code 24577 is situated in a predominantly homeowner-driven neighborhood with a total population of 4,577. Only 12.7% of the residents are renters, indicating a community where homeownership is highly valued. The median household income in this area stands at $50,362, which suggests a middle-class community. Median home values are recorded at $136,915, reflecting affordable housing options that are accessible to many local residents.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 24577 as set by HUD for fiscal year 2026 is $940. This figure contrasts slightly with the market rent reported by the Census ACS, which is $974. The relatively low difference between the FMR and market rent indicates that landlords can expect a modest premium when renting to tenants who do not rely on vouchers.
Given these factors, ZIP 24577 appears to be a suitable location for hands-off voucher operators. The low percentage of renters and the close alignment between FMR and market rents suggest that there is a stable demand for subsidized housing. However, it may also attract hands-on value-add buyers who can capitalize on the opportunity to improve properties and command slightly higher rents above the FMR, especially given the modest gap between the FMR and current market rates.
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.