Location: Russell 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 | $780 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $940 | $63,182 | 1.49% | A |
| 3BR | $1,240 | $117,781 | 1.05% | B |
U.S. Census Bureau data (2024)
The ZIP code 24649, located in Raven, Virginia, presents a unique snapshot of the local real estate market. The Fair Market Rent (FMR) stands at $910 for the fiscal year 2026, indicating a benchmark for rental pricing in the area. However, the lack of specific market rent data suggests that the current rental rates might be closely aligned with the FMR, or there could be limited availability of recent rental listings.
The median home value in the area is $84,792, which is relatively low compared to many other regions across the country. This figure points towards an affordable housing market, potentially attracting first-time buyers and investors looking for low-cost properties. The absence of data on price-cut share and days on market (DOM) makes it challenging to definitively state whether supply outpaces demand or vice versa. However, given the affordable nature of the homes, it's reasonable to infer that demand could be strong, especially if there is limited new construction activity driving up supply.
A 9.5% renter share is notably low, suggesting that homeownership is prevalent in the area. This high rate of homeownership can imply a stable community with long-term residents, but it also raises questions about the potential for future housing pressures. As the population grows or changes, the limited rental stock could become a constraint, leading to increased competition for rental properties and potentially higher rents. The dynamics of the market suggest that while it is currently characterized by a strong preference for homeownership, shifts in demographics or economic conditions could alter the balance between renters and owners, affecting overall housing affordability and availability.
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.