Location: Buchanan County, VA | Metro: Buchanan County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
The ZIP code 24634 stands out due to its unique mix of a relatively low population of only 338 residents, with a modest 8.6% of those residents renting their homes. The median income in this area is $31,453, which is significantly lower than the median home value of $81,135, indicating that homeownership is likely more prevalent among higher-income earners or those with significant savings.
Moving into the specifics of Section 8 housing economics, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,040. However, there is currently no available market rent data for ZIP 24634, which suggests that landlords might find limited comparative information when setting rental prices. Despite this lack of market data, the FMR can still serve as a benchmark for acceptable rental rates under the Section 8 program.
The data signature for ZIP 24634 reads as stable, given the low percentage of renters and the absence of recent changes in economic indicators. Landlords and small-portfolio investors should be aware that the demand for rental properties may be lower compared to other areas, and the reliance on Section 8 vouchers could be critical for attracting tenants. With the median income being much lower than the median home value, it's clear that the rental market is not the primary driver of the local economy. Therefore, landlords operating in this ZIP code must carefully consider their pricing strategies and tenant selection to ensure financial stability and compliance with Section 8 guidelines.
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.