Location: Page County, VA | Metro: Page County, VA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 22835, Luray, Virginia, is set at $1,040 for fiscal year 2024. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area. It's important to note that this is not the actual rent you will receive; it's the payment standard used by the housing authority.
In comparison, the average rent for the area, according to Census American Community Survey data, is $891. This suggests that the FMR is slightly higher than the typical market rate, which could be beneficial for landlords participating in the Section 8 program.
The rental share in Luray is 29.6%, indicating that nearly three out of ten households are renters. This shows a steady demand for rental properties, making it a viable market for your first Section 8 rental. With an acquisition cost of approximately $309,592 for a property in this area, you can expect to recoup your investment over time through rental income and potential appreciation in property value.
To ensure success with your Section 8 rental, verify that the property meets all necessary safety and maintenance standards required by the housing authority. These requirements are non-negotiable and must be met before the property can be approved for the program.
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.