FMR is below market; voucher rent may lag private rents.
0.76
1 BR
1 BR
0.86ratio
FMR$1,080
Market$1,250
vs market-$170
FMR is below market; voucher rent may lag private rents.
0.86
2 BR
2 BR
1.07ratio
FMR$1,330
Market$1,240
vs market+$90
FMR is near market; voucher and private rents are aligned.
1.07
3 BR
3 BR
1.26ratio
FMR$1,780
Market$1,410
vs market+$370
FMR is above market; underwrite to market rent.
1.26
4 BR
4 BR
1.27ratio
FMR$1,910
Market$1,500
vs market+$410
FMR is above market; underwrite to market rent.
1.27
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
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ZIP 17231 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 17231 (Lemasters, PA) is $1,330 a month. That is down 3.6% from $1,380 in FY 2026. Lemasters is in the Chambersburg, PA 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 $1,325. Among 34 ZIP codes in Franklin County, 17231 is tied for the 14th-highest two-bedroom rent (county range $1,230–$1,720). The median county two-bedroom FMR in Pennsylvania is $1,136, so ZIP 17231 is 17% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 17231
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,010
$930
−7.9%
$837–$1,023
1BR
$1,120
$1,080
−3.6%
$972–$1,188
2BR
$1,380
$1,330
−3.6%
$1,197–$1,463
3BR
$1,830
$1,780
−2.7%
$1,602–$1,958
4BR
$1,990
$1,910
−4.0%
$1,719–$2,101
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 17231
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$930
$1,080
$1,330
$1,780
$1,910
FY 2026
$1,010
$1,120
$1,380
$1,830
$1,990
FY 2025
$940
$980
$1,190
$1,590
$1,800
FY 2024
$910
$920
$1,150
$1,530
$1,720
FY 2023area FMR
$800
$805
$1,030
$1,393
$1,514
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Franklin County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 17231?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,325, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,193 to $1,458 a month; under the ZIP-level Small Area FMR of $1,330 it would be $1,197 to $1,463. 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 17231 in?
ZIP 17231 is in the Chambersburg, PA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,325.
How much did fair market rent change in ZIP 17231 for FY 2027?
The two-bedroom FMR fell 3.6%, from $1,380 in FY 2026 to $1,330 in FY 2027. Since FY 2024 it has risen 15.7%.
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