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 | $870 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,030 | $52,450 | 1.96% | A+ |
| 3BR | $1,430 | $104,570 | 1.37% | A |
| 4BR | $1,640 | $169,211 | 0.97% | C |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 24614, which includes Grundy, VA, is set at $960 for the metro area fiscal year 2026. This figure represents the payment standard for landlords participating in the Section 8 program, not the amount tenants will pay directly. Instead, it's the maximum amount the housing authority will reimburse landlords for rent.
To put this into perspective, the average rent in the area is $873, according to the latest Census American Community Survey (ACS) data. This means that if you participate in Section 8, your reimbursement will be slightly higher than the typical market rate, providing a modest buffer against potential rent increases.
The 13.8% share of renters in the area indicates a moderate demand for rental properties. While it's not a high percentage, it does suggest that there is a significant number of individuals who could benefit from Section 8 assistance, ensuring a steady stream of potential tenants.
When considering the acquisition cost of a property, the median household income of $80,930 can be used as a reference point. This figure helps determine the affordability of the property for prospective tenants and can guide your pricing strategy to ensure compliance with Section 8 requirements.
Before deciding to enroll your property in the Section 8 program, it's crucial to verify that your rental unit meets the minimum property standards set by the housing authority. These standards ensure that the property is safe, decent, and sanitary for tenants, and failing to meet these criteria can result in denial of participation.
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.