Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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ZIP 24647 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 24647 (Shortt Gap, VA) is $943 a month. That is up 3.2% from $914 in FY 2026. Shortt Gap is in the Tazewell County, VA non-metropolitan FMR area. One county-wide FMR applies to every ZIP code in it. The median county two-bedroom FMR in Virginia is $1,262, so ZIP 24647 is 25% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 24647
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$727
$794
+9.2%
$715–$873
1BR
$732
$798
+9.0%
$718–$878
2BR
$914
$943
+3.2%
$849–$1,037
3BR
$1,096
$1,154
+5.3%
$1,039–$1,269
4BR
$1,252
$1,266
+1.1%
$1,139–$1,393
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 24647
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$794
$798
$943
$1,154
$1,266
FY 2026
$727
$732
$914
$1,096
$1,252
FY 2025
$651
$655
$851
$1,025
$1,253
FY 2024
$684
$689
$905
$1,094
$1,346
FY 2023
$590
$604
$795
$968
$1,155
Questions about ZIP 24647 rents
How much will Section 8 pay for a two-bedroom in ZIP 24647?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $943, that basic range is $849 to $1,037 a month. 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 24647 in?
ZIP 24647 is in the Tazewell County, VA non-metropolitan FMR area.
How much did fair market rent change in ZIP 24647 for FY 2027?
The two-bedroom FMR rose 3.2%, from $914 in FY 2026 to $943 in FY 2027. Since FY 2023 it has risen 18.6%.
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 Fair Market Rents. 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