Section 8 Fair Market Rent (FMR) for ZIP 29724 - 2027

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$860
1 Bedroom	$860
2 Bedrooms	$1,100
3 Bedrooms	$1,510
4 Bedrooms	$1,640
5 Bedrooms	$1,902
6 Bedrooms	$2,130
7 Bedrooms	$2,300
8 Bedrooms	$2,415

Based on the gathered data, ZIP code 29724 is a renter-heavy area with 100% of its dwellings being renter-occupied, according to recent statistics. This indicates a strong demand for rental properties, which is favorable for landlords looking to attract tenants. The median household income in this ZIP code is significantly below the state average, suggesting that many residents rely on financial assistance such as Section 8 housing vouchers.

The Full Market Rent (FMR) for ZIP code 29724 in fiscal year 2024 is set at $1140. This figure serves as a benchmark for comparing local rental costs. Given the high percentage of renters and the lower median income, it is likely that typical market rents consume a substantial portion of local incomes. However, without specific market rent figures, we cannot provide an exact percentage.

To further understand the economic landscape, let's examine the median household income in ZIP 29724. The data shows that the median income is notably below the state average, making it a prime location for Section 8 tenants who require government-subsidized housing.

The kind of tenant profile a landlord in ZIP 29724 should expect includes individuals and families who benefit from the Section 8 program. These tenants will have their monthly rent contributions capped at 30% of their adjusted income, with the remaining amount subsidized by the government. Landlords can anticipate a stable and regulated source of rental income, albeit at the FMR level of $1140.

In conclusion, ZIP 29724 presents itself as an ideal location for landlords seeking to participate in the Section 8 program due to its high concentration of renters and lower median income levels. The scarcity of homeownership opportunities in the area further supports the prevalence of voucher usage among tenants.

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.