Location: Franklin County, VA | Metro: Roanoke, VA HUD Metro FMR Area
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 | $1,010 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,160 | $213,278 | 0.54% | F |
| 3BR | $1,610 | $339,263 | 0.47% | F |
| 4BR | $1,940 | $451,327 | 0.43% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP 24065, Boones Mill, VA, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code is set at $910 for fiscal year 2024. This figure represents the maximum amount that the government will pay landlords for a Section 8 voucher holder to live in a two-bedroom unit. However, it's important to understand that this does not necessarily mean a landlord will receive the full $910 per month.
The local market rent for a two-bedroom unit in Boones Mill is slightly lower at $851 according to Census ACS data. This indicates that the SAFMR is higher than the average market rent, which can be beneficial for landlords who might otherwise struggle to cover costs due to lower rental rates.
A Section 8 voucher typically covers the difference between the tenant’s portion and the SAFMR. The tenant is expected to pay 30% of their adjusted income towards rent. If we assume an average adjusted income of $1,500 for a household in Boones Mill, the tenant would pay $450 towards rent. This leaves $460 as the potential reimbursement gap for landlords if they charge the SAFMR rate. However, the actual reimbursement is subject to the tenant’s portion and any utility allowances.
Utility allowances vary but are generally modest. For instance, a typical allowance might be around $150 for electricity and water combined. This would bring the total reimbursement closer to $610 ($450 tenant portion + $150 utilities).
Therefore, landlords should expect a reimbursement of around $610 to $760 per month for a two-bedroom unit when factoring in the tenant’s portion and utility allowances. This means there could be a surplus if the market rent is lower than the SAFMR, or a gap if the landlord charges closer to the SAFMR rate. In Boones Mill, where the market rent is below the SAFMR, landlords are likely to see a surplus of approximately $59 to $159 per month on a two-bedroom unit.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.