Section 8 Fair Market Rent (FMR) for ZIP 24033 - 2027

FY 2027 Fair Market Rent Rates

The economics of Section 8 in ZIP code 24033, located in Roanoke County, Virginia, operate under specific guidelines that determine the amount landlords can expect to receive from the housing assistance program. For fiscal year 2024, the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code is set at $1040. This figure represents the maximum amount the program will pay towards rent, and it is specifically tailored for this ZIP code, meaning it reflects local rental conditions accurately.

To understand how much a landlord will actually be reimbursed, we need to consider several components. Firstly, the tenant is required to contribute a portion of their income towards the rent. Typically, this contribution is 30% of the household's adjusted monthly income. If the tenant's portion is less than the difference between the market rent and the SAFMR, the landlord will only receive the SAFMR amount.

Additionally, the Section 8 program includes utility allowances, which vary based on the size of the unit and the location. However, since the local market rent for ZIP 24033 is not available, we cannot calculate the exact utility allowance. But generally, these allowances are designed to cover a reasonable estimate of the tenant's utility costs, including electricity, water, and gas. These allowances do not directly increase the landlord's rental income but can affect the total housing cost for the tenant.

The reimbursement gap or surplus arises when comparing the SAFMR to the actual market rent. In ZIP 24033, without the specific local market rent, we can infer that if the market rent exceeds $1040, there will be a gap where the landlord must either accept lower rent or find additional sources of income to cover the shortfall. Conversely, if the market rent is below $1040, landlords might see a surplus, meaning they could potentially charge less than the SAFMR and still receive the full $1040 from the program, resulting in higher net income than the market would otherwise dictate.

To summarize, landlords in ZIP 24033 should anticipate receiving a maximum of $1040 per month for a two-bedroom apartment through the Section 8 program. This amount is fixed and does not change based on the tenant's utility costs or other factors outside of the tenant's income contribution. Without precise local market rent data, it is difficult to provide an exact reimbursement gap or surplus, but it is clear that landlords will need to align their rental expectations with the SAFMR to avoid financial loss or take advantage of potential surpluses.

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.