Location: Tazewell 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 | $790 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $940 | $62,557 | 1.5% | A+ |
| 3BR | $1,220 | $104,605 | 1.17% | B |
U.S. Census Bureau data (2024)
ZIP code 24639, located in Richlands, VA within the Tazewell County, VA metro area, exhibits distinct characteristics compared to typical ZIP codes in the county. The Fair Market Rent (FMR) for ZIP 24639 is set at $910 for fiscal year 2026, which is notably higher than the market rent figure of $712. This suggests that federally subsidized rents are priced above what the local market would naturally bear, indicating a potential subsidy advantage for landlords in this area.
The median home value in ZIP 24639 stands at $82,016, which is lower than what might be expected in many other areas within the county. Coupled with the relatively high FMR, this could signal a favorable environment for properties participating in the Section 8 program. Landlords can potentially benefit from higher rental subsidies while owning property at a lower cost relative to other ZIP codes in Tazewell County.
The renter share in ZIP 24639 is 28.8%, which is indicative of a moderate demand for rental housing. However, when juxtaposed against the lower median home value, it becomes evident that there is a significant portion of the population seeking affordable rental options. This combination often points to an area where Section 8 tenants are prevalent, providing a steady stream of income for landlords who participate in the program.
In summary, ZIP code 24639 appears to be a value pocket within the Tazewell County, VA metro. It offers landlords the opportunity to leverage higher federal rental subsidies on properties that are generally less expensive than those in other parts of the county. The presence of a substantial number of renters, particularly those reliant on government assistance, further solidifies its position as a desirable location for Section 8 properties. For small-portfolio investors looking to maximize returns through federal subsidies, this ZIP code presents a compelling option.
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.