Section 8 Fair Market Rent (FMR) for ZIP 24377 - 2027
Location: Tazewell County, VA | Metro: Tazewell County, VA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $760 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$57,115
To determine if a landlord should invest in ZIP code 24377 for Section 8 properties, follow this decision tree:
- Does the Fair Market Rent (FMR) of $920 cover the debt service on a property?
- If the property's debt service is less than $920 per month, then the answer is Yes. The FMR will sufficiently cover the monthly mortgage payments.
- If the debt service exceeds $920, then the answer is No. The FMR would not be enough to clear the debt service, making the investment unprofitable under Section 8 guidelines.
- Is the market rent above, at, or below the FMR of $920?
- If the market rent is above $920, landlords can consider renting to non-Section 8 tenants to maximize income. However, this does not directly impact the suitability for Section 8 investments.
- If the market rent is at or below $920, then the answer is It Depends. Landlords must weigh the benefits of guaranteed income against potential challenges such as tenant screening and turnover rates.
- Are the 29.7% of renters combined with the N/A-day Days On Market (DOM) indicative of sufficient demand?
- A 29.7% rental rate suggests moderate demand. If the DOM is low, indicating quick property turnovers, then the answer is Yes. There is enough demand to support Section 8 investments.
- If the DOM is high, suggesting slow turnovers and difficulty in finding tenants, then the answer is No. The demand may not be strong enough to justify the investment.
The final decision hinges on the specifics of the property and the local market conditions. A thorough analysis of the debt service, comparison with the FMR, and understanding of the rental market dynamics in 24377 are crucial before proceeding with any investment.
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.