Section 8 Fair Market Rent (FMR) for ZIP 24580 - 2027

Location: Mecklenburg County, VA | Metro: Mecklenburg County, VA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$720
1 Bedroom	$720
2 Bedrooms	$940
3 Bedrooms	$1,250
4 Bedrooms	$1,250
5 Bedrooms	$1,450
6 Bedrooms	$1,624
7 Bedrooms	$1,754
8 Bedrooms	$1,842

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

360

Median Household Income

$54,853

Housing Units

254

Renter Percentage

35.6%

Occupancy Rate

81.9%

Renter Occupied

The ZIP code 24580, located in the heart of rural Virginia, offers a stable yet modest rental market with significant potential for small-portfolio investors looking for low-cost entry points. The area's economic profile reflects a blend of agriculture and manufacturing, providing a steady income base for residents.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $910, indicating a government benchmark that landlords can use to price their units competitively.
The market rent, based on Census ACS data, stands at $676 for a similar unit, suggesting that there is room for landlords to increase rents slightly while remaining within reasonable limits for local tenants.
The median home value in the area is $181,039, which is relatively affordable for both homeowners and investors interested in purchasing properties.
Renters make up 35.6% of the housing market, showing a significant demand for rental properties but also highlighting the importance of maintaining competitive pricing and quality to attract and retain tenants.
The median income for the area is $54,853, providing insight into the financial capabilities of potential renters and buyers.

For landlords and small-portfolio investors, the ZIP code 24580 presents a balanced opportunity. With a government-set FMR of $910 and a current market rent of $676, there is potential to adjust rents upwards without alienating the tenant pool. Given the median home value and median income, investors should focus on offering well-maintained, affordable rental options to capitalize on the area's modest but steady economic conditions. This strategy will help ensure a consistent occupancy rate and positive cash flow, making it a viable investment option for those seeking stability and growth in a less competitive market segment.

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.