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 |
|---|---|---|---|---|
| 2BR | $940 | $53,779 | 1.75% | A+ |
| 3BR | $1,310 | $96,758 | 1.35% | A |
U.S. Census Bureau data (2024)
The analysis of ZIP code 24620, located in Hurley, VA, and part of the Buchanan County, VA metro area, reveals key insights for landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $910. However, due to the lack of specific market rent data for ZIP 24620, it's challenging to make a direct comparison. Nonetheless, the FMR serves as a benchmark for rental pricing in the area.
Regarding the affordability of acquisition, the median home value in the area is $70,078. Without detailed information on the days-on-market (DOM) and the percentage of homes that required price cuts to sell, it's difficult to provide a comprehensive assessment. Nevertheless, the relatively low median home value suggests that property acquisition could be financially feasible for investors looking to enter a cost-effective market.
The third question concerns tenant demand. The population of ZIP 24620 is approximately 2,270, with 7.9% of residents being renters. This indicates a modest but present demand for rental properties. Given the small population size, competition among landlords might be limited, potentially making it easier to find tenants willing to pay the FMR.
Verdict: ZIP 24620 presents an opportunity for investors who can navigate the uncertainty around market rent and sales dynamics. With a low median home value, acquiring properties is likely affordable. The tenant demand, though not extensive, is sufficient for a niche investment strategy focusing on modest-sized portfolios. Landlords should aim to align their rental prices with the FMR of $910 to ensure financial viability, while also being prepared to possibly adjust to local market conditions.
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.