Section 8 Fair Market Rent (FMR) for ZIP 23286 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 23286 in fiscal year 2024 is set at $1460. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) to determine the maximum amount of rental assistance that can be provided to tenants under the Section 8 program. It's important to note that this is not the rent you will charge your tenant; rather, it's the cap on what the government will pay.

In ZIP 23286, the local market rent is currently listed as N/A. This means that there isn't enough data to provide an accurate comparison between the FMR and typical market rents. However, the percentage of renters in the area is N/A%, indicating a significant portion of the population relies on rental housing. Given this, there could be a strong demand for affordable housing options, which could make a Section 8 property viable.

The median home value in this area is also listed as N/A. While this doesn't directly affect rental properties, it does give insight into the overall housing market. If the median home value is low, it suggests that many people in the area might prefer renting over buying, further supporting the potential demand for rental units.

To proceed with confidence, verify that your property meets all the quality standards required by HUD. These standards ensure that the property is safe, decent, and sanitary, which are essential for approval under the Section 8 program. Once you confirm compliance, you can move forward with the application process, knowing your investment aligns with the needs of the community and the guidelines set forth by the program.

Data Sources: FMR data from HUD (2027).

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.