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Lynchburg City/Lynchburg/24502

24502

ZIPSAFMR
Lynchburg City, VA
Zillow

ZIP Investment Score

73Below average

095130300
BRFMR
Eff. Rent
0 BR$1,200$1,050
1 BR$1,210$1,120
2 BR$1,390$1,140
3 BR$1,920$1,620
4 BR$2,090$2,030
5 BR$2,404Not available
6 BR$2,764Not available
7 BR$3,179Not available
8 BR$3,655Not available

Purchase Price Calculator

Maximum purchase price
$107,487

Cost breakdown

+Likely effective rent$1,140
HUD FMR$1,390
Market rentUsed$1,140
Est. payment standard (90%)$1,250
-Principal and interest-$544
Loan amount$85,990
Down payment$21,497
Rate6.50%
Term30 years
-Operating costs-$396
Property taxes-$107
Insurance-$175
Utilities$0
HOA$0
Management-$114
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,546(86.3% ROI)
Projected value
$115,752
Return breakdown
Property appreciation+$8,265
Loan principal paid down+$3,081
Rental cash flow+$7,200
5-year hold
+$31,619(147.1% ROI)
Projected value
$121,612
Return breakdown
Property appreciation+$14,125
Loan principal paid down+$5,494
Rental cash flow+$12,000
10-year hold
+$67,196(312.6% ROI)
Projected value
$137,592
Return breakdown
Property appreciation+$30,105
Loan principal paid down+$13,091
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.14
1 BR
1.08
2 BR
1.22
3 BR
1.19
4 BR
1.03
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 24502 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 24502 (Lynchburg, VA) is $1,390 a month. That is down 6.7% from $1,490 in FY 2026. Lynchburg is in the Lynchburg, 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 $1,117. Among 9 ZIP codes in Lynchburg City, 24502 is tied for the highest two-bedroom rent (county range $1,070–$1,390). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 24502 is 10% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 24502
BedroomsFY 2027Change90–110% range
Studio$1,200−7.0%$1,080–$1,320
1BR$1,210−6.9%$1,089–$1,331
2BR$1,390−6.7%$1,251–$1,529
3BR$1,920−6.3%$1,728–$2,112
4BR$2,090−5.0%$1,881–$2,299

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 24502
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,200$1,210$1,390$1,920$2,090
FY 2026$1,290$1,300$1,490$2,050$2,200
FY 2025$1,270$1,290$1,460$2,000$2,170
FY 2024$1,130$1,150$1,300$1,780$1,940
FY 2023$980$990$1,130$1,540$1,690

Two-bedroom rent in nearby Lynchburg City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 24502
24501$1,160−16.5%
24502Current$1,390—
24503$1,070−23.0%
24504$1,180−15.1%
24505$1,180−15.1%
24506$1,180−15.1%
24513$1,180−15.1%
24515$1,3900.0%
24551$1,270−8.6%

Questions about ZIP 24502 rents

How much will Section 8 pay for a two-bedroom in ZIP 24502?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,117, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,005 to $1,229 a month; under the ZIP-level Small Area FMR of $1,390 it would be $1,251 to $1,529. 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 24502 in?

ZIP 24502 is in the Lynchburg, VA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,117.

How much did fair market rent change in ZIP 24502 for FY 2027?

The two-bedroom FMR fell 6.7%, from $1,490 in FY 2026 to $1,390 in FY 2027. Since FY 2023 it has risen 23.0%.

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 rentLynchburg, VA fair market rentVA statewide rentsWhat is SAFMR?Data sources