FMR is below market; voucher rent may lag private rents.
0.77
1 BR
1 BR- 22963
0.86ratio
FMR$1,600
Market$1,850
vs market-$250
FMR is below market; voucher rent may lag private rents.
0.86
2 BR
2 BR- 22963
0.95ratio
FMR$1,820
Market$1,910
vs market-$90
FMR is near market; voucher and private rents are aligned.
0.95
3 BR
3 BR- 22963
1.08ratio
FMR$2,220
Market$2,060
vs market+$160
FMR is near market; voucher and private rents are aligned.
1.08
4 BR
4 BR- 22963
1.15ratio
FMR$2,720
Market$2,360
vs market+$360
FMR is above market; underwrite to market rent.
1.15
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
Palmyra, VA fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Palmyra, VA is $1,820 a month. That is down 9.9% from $2,020 in FY 2026. Palmyra is in the Charlottesville, VA MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,642. The median county two-bedroom FMR in Virginia is $1,262, so Palmyra is 44% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Palmyra, VA
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,570
$1,420
−9.6%
$1,278–$1,562
1BR
$1,770
$1,600
−9.6%
$1,440–$1,760
2BR
$2,020
$1,820
−9.9%
$1,638–$2,002
3BR
$2,460
$2,220
−9.8%
$1,998–$2,442
4BR
$3,020
$2,720
−9.9%
$2,448–$2,992
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Palmyra, VA
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,420
$1,600
$1,820
$2,220
$2,720
FY 2026
$1,570
$1,770
$2,020
$2,460
$3,020
FY 2025
$1,600
$1,690
$1,970
$2,460
$2,990
FY 2024
$1,530
$1,560
$1,850
$2,330
$2,880
FY 2023
$1,250
$1,260
$1,500
$1,860
$2,310
Questions about Palmyra, VA rents
How much will Section 8 pay for a two-bedroom in Palmyra, VA?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,642, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,478 to $1,806 a month; under the ZIP-level Small Area FMR of $1,820 it would be $1,638 to $2,002. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is Palmyra, VA in?
Palmyra, VA is in the Charlottesville, VA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,642.
How much did fair market rent change in Palmyra, VA for FY 2027?
The two-bedroom FMR fell 9.9%, from $2,020 in FY 2026 to $1,820 in FY 2027. Since FY 2023 it has risen 21.3%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set