Section 8 Fair Market Rent (FMR) for ZIP 24168 - 2027

Name: Section 8 Fair Market Rent Data for 24168
Creator: U.S. Department of Housing and Urban Development (HUD)
License: https://creativecommons.org/publicdomain/zero/1.0/

Location: Henry County-Martinsville city, VA | Metro: Henry County-Martinsville city, VA HUD Nonmetro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$780
1 Bedroom	$780
2 Bedrooms	$960
3 Bedrooms	$1,180
4 Bedrooms	$1,370
5 Bedrooms	$1,589
6 Bedrooms	$1,780
7 Bedrooms	$1,922
8 Bedrooms	$2,018

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

204

Median Household Income

$78,229

Housing Units

Renter Percentage

N/A

Occupancy Rate

100.0%

Renter Occupied

The Fair Market Rent (FMR) for ZIP code 24168 is set at $910 for the fiscal year 2026. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 Housing Choice Voucher program in this area. It does not mean that your tenants will pay $910 per month; rather, it's the maximum amount HUD will pay toward rent for a unit in this ZIP code.

To understand the implications, let's break down the components:

Payment Standard: The $910 FMR sets an upper limit on the monthly rent subsidy that can be paid by the government for a Section 8 tenant living in ZIP 24168. Landlords must ensure that their rent does not exceed this amount to participate in the program.
Local Rent Comparison: Unfortunately, the specific local rent data for ZIP 24168 is currently unavailable. However, the FMR provides a benchmark for understanding what the government considers fair rent in this area.
Renter Share: The renter share percentage is listed as 0.0%, which means there is no specific portion of the rent that tenants must pay out-of-pocket. Typically, tenants contribute 30% of their adjusted income towards rent, but the exact amount will depend on their individual circumstances and the terms of their voucher.

The absence of local rent data makes it challenging to assess the demand for Section 8 rentals specifically in ZIP 24168. However, given that the FMR is a government-set rate intended to reflect market conditions, it suggests that the demand for affordable housing is significant enough to warrant this level of support.

When it comes to the acquisition cost of a property in this ZIP code, again, the data is marked as N/A, indicating that there isn't specific information available about recent property purchases. This lack of data could mean that the real estate market in ZIP 24168 is less active, or it might simply reflect limited reporting. Regardless, the FMR serves as a guideline for the potential rental income you can expect from a Section 8 tenant.

Before proceeding with a Section 8 rental in ZIP 24168, verify that your property meets all the necessary housing quality standards (HQS). These standards ensure that the units are safe, decent, and sanitary for tenants to live in. Meeting these criteria is essential to qualify for the program and avoid any issues with the housing authority.

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.