Salem City/Salem/24153

24153

ZIPSAFMR

Salem City, VA

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ZIP Investment Score

116Above average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,230	$1,110	11.4%
1 BR	$1,300	$1,190	9.9%
2 BR	$1,520	$1,420	8.5%
3 BR	$2,100	$1,910	8.2%
4 BR	$2,540	$2,050	9.8%
5 BR	$2,921	Not available	9.8%
6 BR	$3,359	Not available	9.8%
7 BR	$3,863	Not available	9.8%
8 BR	$4,442	Not available	9.8%

Purchase Price Calculator

Maximum purchase price

$149,095

Cost breakdown

+Likely effective rent$1,420

HUD FMR$1,520

Market rentUsed$1,420

Est. payment standard (96%)$1,460

-Principal and interest-$754

Loan amount$119,276

Down payment$29,819

Rate6.50%

Term30 years

-Operating costs-$466

Property taxes-$149

Insurance-$175

Utilities$0

HOA$0

Management-$142

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$22,937(76.9% ROI)

Projected value

$160,559

Return breakdown

Property appreciation+$11,464

Loan principal paid down+$4,273

Rental cash flow+$7,200

5-year hold

+$39,213(131.5% ROI)

Projected value

$168,687

Return breakdown

Property appreciation+$19,592

Loan principal paid down+$7,621

Rental cash flow+$12,000

10-year hold

+$83,918(281.4% ROI)

Projected value

$190,854

Return breakdown

Property appreciation+$41,759

Loan principal paid down+$18,158

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.11ratio

FMR$1,230

Market$1,110

vs market+$120

FMR is above market; underwrite to market rent.

1.11

1 BR

1.09ratio

FMR$1,300

Market$1,190

vs market+$110

FMR is near market; voucher and private rents are aligned.

1.09

2 BR

1.07ratio

FMR$1,520

Market$1,420

vs market+$100

FMR is near market; voucher and private rents are aligned.

1.07

3 BR

1.10ratio

FMR$2,100

Market$1,910

vs market+$190

FMR is near market; voucher and private rents are aligned.

1.10

4 BR

1.24ratio

FMR$2,540

Market$2,050

vs market+$490

FMR is above market; underwrite to market rent.

1.24

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: --

ZIP 24153 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 24153 (Salem, VA) is $1,520 a month. That is up 8.6% from $1,400 in FY 2026. Salem is in the Roanoke, VA HUD Metro 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 metro-wide two-bedroom FMR of $1,464. Among 3 ZIP codes in Salem City, 24153 has the 2nd-highest two-bedroom rent (county range $1,460–$1,700). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 24153 is 20% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 24153
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,120	$1,230	+9.8%	$1,107–$1,353
1BR	$1,180	$1,300	+10.2%	$1,170–$1,430
2BR	$1,400	$1,520	+8.6%	$1,368–$1,672
3BR	$1,950	$2,100	+7.7%	$1,890–$2,310
4BR	$2,350	$2,540	+8.1%	$2,286–$2,794

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 24153
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,230	$1,300	$1,520	$2,100	$2,540
FY 2026	$1,120	$1,180	$1,400	$1,950	$2,350
FY 2025	$960	$1,020	$1,230	$1,720	$2,030
FY 2024	$890	$980	$1,190	$1,660	$1,920
FY 2023	$820	$910	$1,120	$1,540	$1,730

Two-bedroom rent in nearby Salem City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 24153
24017	$1,460	−3.9%
24018	$1,700	+11.8%
24153Current	$1,520	—

Questions about ZIP 24153 rents

How much will Section 8 pay for a two-bedroom in ZIP 24153?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,464, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,318 to $1,610 a month; under the ZIP-level Small Area FMR of $1,520 it would be $1,368 to $1,672. 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 24153 in?

ZIP 24153 is in the Roanoke, VA HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,464.

How much did fair market rent change in ZIP 24153 for FY 2027?

The two-bedroom FMR rose 8.6%, from $1,400 in FY 2026 to $1,520 in FY 2027. Since FY 2023 it has risen 35.7%.

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

County fair market rent Salem, VA fair market rent VA statewide rents What is SAFMR?Data sources