Section 8 Fair Market Rent (FMR) for ZIP 24440 - 2027
Location: Staunton-Stuarts Draft, VA | Metro: Staunton-Stuarts Draft, VA MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,110 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$46,178
To determine if a landlord should buy in ZIP code 24440 for Section 8 purposes, follow this decision tree:
- Does FMR $1130 (ZIP FY 2024) clear debt service on a $331,874 property?
- If yes, proceed to the next question.
- If no, do not consider this ZIP for Section 8 properties as the Fair Market Rent (FMR) does not cover the cost of owning the property.
- Is market rent N/A (N/A) above, at, or below FMR?
- If market rent is above FMR, it indicates that the property could be rented out at higher rates, which might make Section 8 less attractive unless the landlord prioritizes stable tenancy over maximizing rental income.
- If market rent is at or below FMR, then Section 8 becomes a more viable option since it aligns closely with what the market can bear.
- Are 21.1% renters + N/A-day DOM enough demand?
- If the days on market (DOM) is low, indicating quick turnover of rental listings, then the 21.1% of renters suggests there is sufficient demand for rental properties in general, including those that might participate in the Section 8 program.
- If DOM is high, meaning it takes longer to find tenants, then even with 21.1% of renters, the demand for Section 8 properties specifically may not be strong enough to warrant investment.
The decision to invest in ZIP 24440 for Section 8 properties hinges on whether the FMR can sustain ownership costs, how the market rent compares to FMR, and the overall demand for rentals as indicated by the percentage of renters and DOM figures. The analysis must conclude with a clear "yes," "no," or "it depends," based on the data points provided.
Note: The data provided contains some missing values (N/A), which means a precise financial analysis cannot be completed without additional market-specific information.
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.