FY2027 Small Area FMR · Ivanhoe, VA
ZIP 24350 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 24350 (Ivanhoe, VA) is $950 a month, up 3.3% from FY2026. That is 1% above the Carroll County-Galax city, VA HUD Nonmetro FMR Area 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 24350 sits in the Carroll County-Galax city, VA HUD Nonmetro FMR Area area
Of the 17 ZIP codes HUD lists for the area, 24350 has the 12th highest two-bedroom Small Area FMR. Carroll County-Galax city, VA HUD Nonmetro FMR Area 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 $950 for this ZIP code instead.
ZIP code 24350 crosses more than one HUD area. HUD also lists it under Grayson County, VA (same figures) and Wythe County, VA (same figures). The figure that applies depends on which side of the line the home is.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $810 | $729 – $891 | $799 | $780 |
| 1 bedroom | $850 | $765 – $935 | $803 | $790 |
| 2 bedrooms | $950 | $855 – $1,045 | $943 | $920 |
| 3 bedrooms | $1,310 | $1,179 – $1,441 | $1,306 | $1,250 |
| 4 bedrooms | $1,450 | $1,305 – $1,595 | $1,510 | $1,450 |
A household renting a two-bedroom home at the Small Area FMR of $950 needs about $38,000 a year to keep housing costs at 30% of income. The area median family income is $71,000 and the 80% low-income limit for four people is $63,900. ZIP code 24350 lies mainly in Wythe County, Carroll County and Grayson County. See the Carroll County-Galax city, VA HUD Nonmetro FMR Area 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 24350?
HUD's FY2027 Small Area Fair Market Rents for 24350 are $810 (studio), $850 (1 BR), $950 (2 BR), $1,310 (3 BR) and $1,450 (4 BR) a month.
What is the Section 8 payment standard in 24350?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 24350 that range is $855 to $1,045 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 24350?
The FY2026 income limits of the Carroll County-Galax city, VA HUD Nonmetro FMR Area area apply: median family income $71,000, low-income (80%) limit $63,900 for a family of four.