Location: Buchanan County, VA | Metro: Buchanan 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 | $800 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,310 | $83,687 | 1.57% | A+ |
U.S. Census Bureau data (2024)
The ZIP code 24603 presents several challenges for landlords considering Section 8 investments. First, tenant turnover could be an issue due to the disparity between market rent and the Fair Market Rent (FMR) of $910, which might not cover operational costs fully. This gap can lead to financial strain if landlords rely solely on Section 8 tenants.
Vacancy exposure is another concern. The Days on Market (DOM) data is currently unavailable, indicating potential difficulties in accurately assessing how quickly properties can be filled. A longer DOM period could exacerbate financial pressures, especially if the property remains vacant for extended periods.
Deferred maintenance is also a significant risk factor. With a typical home value of $69,549 and a median income of $56,204, residents might struggle to maintain their homes to the standards required by the Housing Choice Voucher program. Landlords must be prepared to handle maintenance requests promptly and ensure that the property complies with all housing quality standards.
Despite these risks, there is a silver lining. The renter share in ZIP 24603 is 14.7%, which is relatively high. High renter density often translates into higher demand for rental vouchers, making it easier to find eligible tenants. This demand can help mitigate the risk of vacancy and provide a steady stream of renters.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP 24603 is moderate. While there are notable risks, particularly regarding tenant turnover and maintenance requirements, the high renter density offers some assurance of finding tenants.
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.