FY2027 Small Area FMR · Independence, VA
ZIP 24348 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 24348 (Independence, VA) is $940 a month, up 3.3% from FY2026. That is 0% equal to the Grayson County, VA area-wide FMR of $943.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
FY2027 FY2026
Where 24348 sits in the Grayson County, VA area
Of the 10 ZIP codes HUD lists for the area, 24348 has the 7th highest two-bedroom Small Area FMR. Grayson County, VA is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $943 for two bedrooms; an agency that opts in to Small Area FMRs would use $940 for this ZIP code instead.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $800 | $720 – $880 | $799 | $790 |
| 1 bedroom | $870 | $783 – $957 | $866 | $830 |
| 2 bedrooms | $940 | $846 – $1,034 | $943 | $910 |
| 3 bedrooms | $1,270 | $1,143 – $1,397 | $1,271 | $1,250 |
| 4 bedrooms | $1,280 | $1,152 – $1,408 | $1,276 | $1,260 |
A household renting a two-bedroom home at the Small Area FMR of $940 needs about $37,600 a year to keep housing costs at 30% of income. The area median family income is $65,300 and the 80% low-income limit for four people is $63,900. ZIP code 24348 lies mainly in Grayson County. See the Grayson County, VA county page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 24348?
HUD's FY2027 Small Area Fair Market Rents for 24348 are $800 (studio), $870 (1 BR), $940 (2 BR), $1,270 (3 BR) and $1,280 (4 BR) a month.
What is the Section 8 payment standard in 24348?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 24348 that range is $846 to $1,034 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 24348?
The FY2026 income limits of the Grayson County, VA area apply: median family income $65,300, low-income (80%) limit $63,900 for a family of four.