Section 8 Fair Market Rent (FMR) for ZIP 24485 - 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
$60,250
To determine if you should buy in ZIP code 24485 for Section 8 purposes, follow these steps:
Step 1: Debt Service Coverage Ratio (DSCR)
- If your debt service on a $247,972 property is less than $1210 (the Fair Market Rent for ZIP 24485 in fiscal year 2024), then the answer is Yes. The FMR covers your debt service, making it feasible to manage a Section 8 property.
- If your debt service exceeds $1210, the answer is No. The FMR does not cover your debt service, indicating that relying solely on Section 8 income would be insufficient.
Step 2: Market Rent vs. FMR
- The data indicates that market rent is currently N/A for ZIP 24485. Without specific market rent figures, you cannot definitively compare it to the FMR. Therefore, the answer here is It Depends. You will need to conduct further research to understand the local rental market dynamics.
Step 3: Demand Analysis
- The percentage of renters in ZIP 24485 is 8.6%, and the Days on Market (DOM) is listed as N/A. Given the limited data on DOM, you must consider the percentage of renters as an indicator of demand. With only 8.6% of the population renting, demand for rental properties, including those participating in the Section 8 program, might be lower than in areas with higher percentages of renters. However, this alone does not provide a complete picture of the demand for Section 8 units specifically. The answer is It Depends. To make a more informed decision, you should investigate the specific demand for subsidized housing units in the area.
In conclusion, whether you should buy in ZIP 24485 for Section 8 purposes hinges on the answers to these three questions. Ensure the FMR adequately covers your debt service, understand the local rental market relative to the FMR, and assess the specific demand for subsidized housing units. This analysis requires additional data points for a definitive answer, particularly regarding market rents and days on market for Section 8 units.
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.