Section 8 Fair Market Rent (FMR) for ZIP 29402 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 29402 in fiscal year 2024 is set at $1640. This figure represents the payment standard for Section 8 housing assistance, meaning it's the maximum amount the government will pay on behalf of eligible tenants. It's important to note that this is not the rent you'll charge your tenant; it's the ceiling for the government subsidy.

While the local median rent for ZIP 29402 is listed as N/A, the FMR provides a benchmark for assessing the viability of renting out a property under the Section 8 program. The percentage of renters in the area who could qualify for Section 8 assistance is also listed as N/A%, indicating that demand for subsidized housing is significant but requires further verification.

In terms of acquiring a property in this ZIP code, the typical price range is also noted as N/A. However, the FMR can help you estimate whether the monthly government payments will cover a substantial portion of your mortgage and maintenance costs. Given the absence of specific local rent data, relying on the FMR is crucial for setting realistic expectations about the financial aspects of a Section 8 rental.

Before proceeding with a Section 8 rental, one critical factor to verify is the condition of the property according to HUD’s Housing Quality Standards (HQS). These standards ensure that the property is safe and habitable, which is mandatory for participation in the program. Failure to meet these requirements can result in penalties or exclusion from the Section 8 program.

Data Sources: FMR data from HUD (2027).

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.