Section 8 Fair Market Rent (FMR) for ZIP 22989 - 2027

Location: Madison County, VA | Metro: Madison County, VA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$980
1 Bedroom	$990
2 Bedrooms	$1,190
3 Bedrooms	$1,630
4 Bedrooms	$1,830
5 Bedrooms	$2,123
6 Bedrooms	$2,378
7 Bedrooms	$2,568
8 Bedrooms	$2,696

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

Median Household Income

$N/A

Housing Units

Renter Percentage

100.0%

Occupancy Rate

36.1%

Renter Occupied

The ZIP code 22989, located in the heart of Virginia's rural landscape, offers a unique opportunity for real estate investors interested in the Section 8 housing market. This area is characterized by a high percentage of renters and limited availability of recent market data, which can present both challenges and opportunities.

The Fair Market Rent (FMR) for ZIP 22989 in fiscal year 2024 is set at $1120.
Rental market data for ZIP 22989 is currently unavailable, indicating a lack of recent activity or reporting.
The median home value in this area is also not reported, suggesting that the focus on rental properties may be higher than on sales.
A remarkable 100.0% of residents in ZIP 22989 are renters, making it an ideal location for those focused on rental investments.
The Days on Market (DOM) data is not available, which could imply that rental listings are quickly filled or that there is little turnover in the rental market.
Median income data is not provided, which is critical for understanding the financial stability of potential tenants but also highlights the need for affordable housing options.

Investors looking to enter the Section 8 market in ZIP 22989 should prepare for a highly rental-focused environment where the demand for affordable housing is evident. With the FMR set at $1120, properties that align with these guidelines will be well-positioned to attract tenants. However, the lack of recent market data, including median home values and median income figures, suggests a need for thorough due diligence and possibly alternative sources of information to make informed decisions. The absence of DOM data indicates a stable rental market, but this also means that supply and demand dynamics might require careful monitoring to ensure profitability and occupancy rates.

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.