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Orange County/Chelsea/05038

05038

ZIPSAFMR
Orange County, VT
Zillow

ZIP Investment Score

95Above average

095130300
BRFMR
Eff. Rent
0 BR$1,390$1,390
1 BR$1,740$1,740
2 BR$2,000$2,000
3 BR$2,550$2,550
4 BR$2,710$2,710
5 BR$3,116Not available
6 BR$3,584Not available
7 BR$4,122Not available
8 BR$4,740Not available

Purchase Price Calculator

Maximum purchase price
$235,283

Cost breakdown

+Likely effective rent$2,000
HUD FMRUsed$2,000
Market rentN/A
Est. payment standardN/A
-Principal and interest-$1,190
Loan amount$188,226
Down payment$47,057
Rate6.50%
Term30 years
-Operating costs-$610
Property taxes-$235
Insurance-$175
Utilities$0
HOA$0
Management-$200
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$32,035(68.1% ROI)
Projected value
$253,374
Return breakdown
Property appreciation+$18,091
Loan principal paid down+$6,744
Rental cash flow+$7,200
5-year hold
+$54,944(116.8% ROI)
Projected value
$266,201
Return breakdown
Property appreciation+$30,918
Loan principal paid down+$12,026
Rental cash flow+$12,000
10-year hold
+$118,554(251.9% ROI)
Projected value
$301,182
Return breakdown
Property appreciation+$65,899
Loan principal paid down+$28,655
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
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ZIP 05038 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 05038 (Chelsea, VT) is $2,000 a month. That is up 40.8% from $1,420 in FY 2026. Chelsea is in the Orange County, VT non-metropolitan FMR area. 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 county-wide two-bedroom FMR of $1,581. Among 36 ZIP codes in Orange County, 05038 has the 2nd-highest two-bedroom rent (county range $1,330–$2,230). The median county two-bedroom FMR in Vermont is $1,570, so ZIP 05038 is 27% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 05038
BedroomsFY 2027Change90–110% range
Studio$1,390+28.7%$1,251–$1,529
1BR$1,740+42.6%$1,566–$1,914
2BR$2,000+40.8%$1,800–$2,200
3BR$2,550+39.3%$2,295–$2,805
4BR$2,710+38.3%$2,439–$2,981

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 05038
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,390$1,740$2,000$2,550$2,710
FY 2026$1,080$1,220$1,420$1,830$1,960
FY 2025$1,020$1,040$1,270$1,660$1,740
FY 2024area FMR$976$1,003$1,244$1,601$1,671
FY 2023area FMR$852$857$1,125$1,427$1,511

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Orange County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 05038
05032$1,820−9.0%
05033$1,690−15.5%
05036$1,740−13.0%
05038Current$2,000—
05039$1,590−20.5%
05040$1,580−21.0%
05041$1,580−21.0%
05043$1,500−25.0%
05045$1,570−21.5%
05046$1,330−33.5%
05051$1,650−17.5%
05054$1,580−21.0%

Questions about ZIP 05038 rents

How much will Section 8 pay for a two-bedroom in ZIP 05038?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,581, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,423 to $1,739 a month; under the ZIP-level Small Area FMR of $2,000 it would be $1,800 to $2,200. 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 ZIP 05038 in?

ZIP 05038 is in the Orange County, VT non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,581.

How much did fair market rent change in ZIP 05038 for FY 2027?

The two-bedroom FMR rose 40.8%, from $1,420 in FY 2026 to $2,000 in FY 2027. Since FY 2025 it has risen 57.5%.

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

County fair market rentChelsea, VT fair market rentVT statewide rentsWhat is SAFMR?Data sources