FY2027 Small Area FMR · Oakwood, VA

ZIP 24631 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 24631 (Oakwood, VA) is $940 a month, up 3.3% from FY2026. That is 0% equal to the Buchanan County, VA area-wide FMR of $943.

2-bedroom SAFMR$940per month ▲ 3.3%

Area-wide 2 BR FMR$943Buchanan County, VA

Rank in the area11thof 18 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$846

2 BR Small Area FMR$940

110% of SAFMR$1,034

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$800▲ 1.3%

1 BR$870▲ 4.8%

2 BR$940▲ 3.3%

3 BR$1,310▲ 2.3%

4 BR$1,510▲ 0.7%

FY2027 FY2026

Where 24631 sits in the Buchanan County, VA area

Of the 18 ZIP codes HUD lists for the area, 24631 has the 11th highest two-bedroom Small Area FMR. Buchanan 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

Monthly gross rent including utilities
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	$1,310	$1,179 – $1,441	$1,306	$1,280
4 bedrooms	$1,510	$1,359 – $1,661	$1,506	$1,500

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 $54,400 and the 80% low-income limit for four people is $63,900. ZIP code 24631 lies mainly in Buchanan County. See the Buchanan County, VA county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
24646	Rowe	5.3 mi	$970
24634	Pilgrims Knob	6.0 mi	$1,110
24639	Raven	6.9 mi	$940
24614	Grundy	7.1 mi	$1,030
24657	Whitewood	7.4 mi	$1,400
24656	Vansant	7.9 mi	$1,030

Questions

What is the Fair Market Rent for ZIP code 24631?

HUD's FY2027 Small Area Fair Market Rents for 24631 are $800 (studio), $870 (1 BR), $940 (2 BR), $1,310 (3 BR) and $1,510 (4 BR) a month.

What is the Section 8 payment standard in 24631?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 24631 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 24631?

The FY2026 income limits of the Buchanan County, VA area apply: median family income $54,400, low-income (80%) limit $63,900 for a family of four.