Section 8 Fair Market Rent (FMR) for ZIP 24894 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

A skeptical investor looking at ZIP code 24894 might have several concerns regarding the feasibility of investing in the area through the lens of Section 8 housing. Let's address these concerns with the available data.

• Will FMR $880 (metro FY 2026) cover the mortgage on a N/A home? The data provided does not specify the average home price in ZIP 24894, which makes it impossible to calculate an exact mortgage payment. However, the Fair Market Rent (FMR) of $880 can be compared against typical mortgage payments in similar areas. If the mortgage payment exceeds this amount, it would be difficult to cover with the FMR alone.

• Is there enough renter demand at 16.5%? The renter demand in ZIP 24894 is indicated at 16.5%. This percentage represents the proportion of households that are renters. While 16.5% may seem low, it is important to consider the overall population size and the number of units available for rent. A higher percentage of rental demand could suggest a saturated market, whereas lower percentages might indicate a need for more rental properties. Without knowing the total number of households, it's challenging to definitively state whether this demand is sufficient.

• Will vouchers keep pace with N/A market rents? The availability and adequacy of Section 8 vouchers to cover the actual market rents in ZIP 24894 cannot be determined from the given data. The FMR is set at $880, but if the market rents are significantly higher, vouchers might not keep up. Landlords should be aware that voucher amounts are subject to change based on federal guidelines and local housing market conditions. It is advisable to monitor both the FMR and the actual market rent trends over time to ensure that the investment remains financially viable.

In conclusion, while the data provides some insight into the potential challenges of investing in ZIP 24894 under the Section 8 program, certain aspects remain unclear due to the lack of specific details such as average home prices and total household numbers. These unknowns make it necessary for investors to conduct further research and possibly consult with local real estate professionals to get a comprehensive understanding of the market dynamics.

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.