FMR is near market; voucher and private rents are aligned.
0.98
3 BR
3 BR
1.10ratio
FMR$1,630
Market$1,480
vs market+$150
FMR is above market; underwrite to market rent.
1.10
4 BR
4 BR
0.96ratio
FMR$1,770
Market$1,850
vs market-$80
FMR is near market; voucher and private rents are aligned.
0.96
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 24506 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 24506 (Lynchburg, VA) is $1,180 a month. That is down 5.6% from $1,250 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, 24506 is tied for the 4th-highest two-bedroom rent (county range $1,070–$1,390). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 24506 is 6% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 24506
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,080
$1,020
−5.6%
$918–$1,122
1BR
$1,090
$1,030
−5.5%
$927–$1,133
2BR
$1,250
$1,180
−5.6%
$1,062–$1,298
3BR
$1,720
$1,630
−5.2%
$1,467–$1,793
4BR
$1,840
$1,770
−3.8%
$1,593–$1,947
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 24506
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,020
$1,030
$1,180
$1,630
$1,770
FY 2026
$1,080
$1,090
$1,250
$1,720
$1,840
FY 2025
$1,090
$1,110
$1,250
$1,720
$1,860
FY 2024
$990
$1,010
$1,140
$1,560
$1,700
FY 2023
$840
$850
$970
$1,320
$1,450
Two-bedroom rent in nearby Lynchburg City ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 24506?
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 $1,180 it would be $1,062 to $1,298. 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 24506 in?
ZIP 24506 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 24506 for FY 2027?
The two-bedroom FMR fell 5.6%, from $1,250 in FY 2026 to $1,180 in FY 2027. Since FY 2023 it has risen 21.6%.
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