FY2027 Small Area FMR · Iron Gate, VA
ZIP 24448 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 24448 (Iron Gate, VA) is $940 a month, down 6.0% from FY2026. That is 0% equal to the Alleghany County-Clifton Forge city-Covington 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 24448 sits in the Alleghany County-Clifton Forge city-Covington city, VA HUD Nonmetro FMR Area area
Of the 7 ZIP codes HUD lists for the area, 24448 has the 5th highest two-bedroom Small Area FMR. Alleghany County-Clifton Forge city-Covington 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 $940 for this ZIP code instead.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $790 | $711 – $869 | $786 | $870 |
| 1 bedroom | $790 | $711 – $869 | $790 | $870 |
| 2 bedrooms | $940 | $846 – $1,034 | $943 | $1,000 |
| 3 bedrooms | $1,270 | $1,143 – $1,397 | $1,246 | $1,410 |
| 4 bedrooms | $1,390 | $1,251 – $1,529 | $1,389 | $1,510 |
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 $71,300 and the 80% low-income limit for four people is $63,900. ZIP code 24448 lies mainly in Alleghany County. See the Alleghany County-Clifton Forge city-Covington 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 24448?
HUD's FY2027 Small Area Fair Market Rents for 24448 are $790 (studio), $790 (1 BR), $940 (2 BR), $1,270 (3 BR) and $1,390 (4 BR) a month.
What is the Section 8 payment standard in 24448?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 24448 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 24448?
The FY2026 income limits of the Alleghany County-Clifton Forge city-Covington city, VA HUD Nonmetro FMR Area area apply: median family income $71,300, low-income (80%) limit $63,900 for a family of four.