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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $940 | $58,530 | 1.61% | A+ |
| 3BR | $1,310 | $102,382 | 1.28% | A |
U.S. Census Bureau data (2024)
35.7% of residents in ZIP 24631 (Raven, VA) are renters, indicating a significant demand for rental properties. However, the median income of $43,980 suggests that many tenants might struggle to afford market rents of $732 per month as reported by the Census ACS. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $910, which provides a benchmark for landlords seeking to maximize their returns while remaining competitive. Given the median home value of $85,410, it's evident that property values in Raven, VA are relatively low compared to national averages, offering an opportunity for small-portfolio investors to acquire assets at a lower entry point.
Despite the lower property values, the discrepancy between the median income and the market rent highlights the financial challenges faced by potential tenants. This gap underscores the importance of understanding local economic conditions before setting rental prices. While the data on days on market (DOM) and the percentage of price-cut shares are not available, the existing figures suggest a need for landlords to be flexible and consider pricing strategies that align with the financial realities of the area's residents.
The FMR serves as a critical guideline for rental pricing, ensuring that rents remain affordable for low-income families who rely on housing assistance programs such as Section 8. In ZIP 24631, landlords who aim to attract Section 8 tenants must ensure their rents do not exceed the $910 FMR threshold. This can be particularly advantageous given the high renter share, as it opens up a broader pool of potential tenants who can afford the rent through government subsidies.
In conclusion, for landlords and small-portfolio investors in Raven, VA, the data points to a market where affordability is key. With a median income of $43,980 and a fair market rent of $910, properties priced below or at the FMR will likely see higher occupancy rates and greater stability. The Section 8 program is a viable option for securing tenants in ZIP 24631.
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.