Franklin County, VA: Fair Market Rent 2027 and Income Limits

Official HUD figures for landlords and renters, effective October 1, 2026 (rents) and May 1, 2026 (income limits).

$1,0802-bedroom FMR, FY2027

$9871-bedroom FMR, FY2027

$71,60080% income limit, family of 4 (FY2026)

$89,500Median family income (FY2026)

The FY2027 Fair Market Rent for a two-bedroom unit in Franklin County is $1,080 a month, up 14.4% from $944 in FY2026. Franklin County belongs to the Franklin County, VA HUD Metro FMR Area FMR area, so the same figures apply across that area. FMRs are gross rents: rent plus all tenant-paid utilities except phone, cable and internet.

Fair market rent in Franklin County by bedroom count

Unit size	FY2027 FMR	FY2026 FMR	Change	Payment standard range (90–110%)
Studio	$949	$771	+23.1%	$855 – $1,043
1 bedroom	$987	$861	+14.6%	$889 – $1,085
2 bedrooms	$1,080	$944	+14.4%	$972 – $1,188
3 bedrooms	$1,495	$1,313	+13.9%	$1,346 – $1,644
4 bedrooms	$1,805	$1,584	+14.0%	$1,625 – $1,985

Source: HUD Fair Market Rents FY2027 (effective October 1, 2026) and FY2026 (revised file), details.

What can a landlord charge a Section 8 tenant here?

The FMR is not a cap on what you can ask on the open market. For a Housing Choice Voucher tenant, the local housing authority sets a payment standard, normally between 90% and 110% of the FMR (or of the ZIP-level Small Area FMR where those apply). For a two-bedroom unit in Franklin County that is typically $972 to $1,188 including utilities. You can charge more than the payment standard if the rent passes the housing authority's rent-reasonableness test and, at move-in, the tenant's share stays within 40% of their adjusted monthly income. Ask the housing authority for its current payment standard schedule.

Can local renters afford the fair market rent?

$51,692median income of renter households

$829Median gross rent, all units

19%Rent-to-income ratio (median rent ÷ median renter income)

31%of renter households pay 30% or more of income on rent

At the 30% rule, a renter household earning the local median of $51,692 can afford about $1,292 a month including utilities. The FY2027 two-bedroom Fair Market Rent of $1,080 is $212 (16.4%) less than that. To rent a two-bedroom at the FMR, a household needs $43,200 a year under the 30% rule, or $38,880 under the common landlord rule that income must be three times the rent.

Franklin County, ACS 2020–2024	Estimate ± MOE
Median gross rent (rent + utilities)	$829 ±$43
Median income of renter households	$51,692 ±$6,494
Renters paying 30% or more of income (cost-burdened)	31.3% ±4.1
Renters paying 50% or more (severely cost-burdened)	17.9% ±3.6
Renter households (where the share can be computed)	4,041

Change since 2015–2019

	ACS 2015–2019	ACS 2020–2024	Change
Median gross rent	$732	$829	+13.3%
Median renter household income	$29,355	$51,692	+76.1%
Renters paying 30%+ of income	46.3%	31.3%	−15.0 pts

Rent-to-income calculator: does an applicant qualify? → · Most affordable counties to rent in this state →

Source: U.S. Census Bureau, American Community Survey 5-Year Estimates 2020–2024 and 2015–2019 (tables B25064, B25119, B25070). ± = margin of error at 90% confidence. Dollar figures are not adjusted for inflation.

Small Area FMRs by ZIP code (FY2027)

In metro areas HUD also publishes ZIP-level Small Area Fair Market Rents. Housing authorities in designated areas must use them for voucher payment standards; others may opt in. Here the two-bedroom SAFMR ranges from $940 to $1,410 depending on the ZIP code.

All 18 ZIP codes in this FMR area

ZIP	0 BR	1 BR	2 BR	3 BR	4 BR
24014	$1,090	$1,150	$1,350	$1,860	$2,260
24055	$770	$780	$940	$1,190	$1,430
24059	$1,090	$1,130	$1,330	$1,810	$2,150
24065	$1,010	$1,050	$1,160	$1,610	$1,940
24067	$830	$860	$940	$1,310	$1,590
24079	$910	$950	$1,130	$1,570	$1,900
24088	$830	$860	$940	$1,300	$1,580
24091	$840	$850	$1,110	$1,320	$1,470
24092	$830	$870	$950	$1,320	$1,590
24101	$1,090	$1,130	$1,240	$1,720	$2,060
24102	$820	$840	$950	$1,260	$1,510
24112	$800	$800	$980	$1,190	$1,430
24121	$1,230	$1,250	$1,410	$1,950	$2,220
24137	$1,050	$1,100	$1,210	$1,680	$2,010
24146	$950	$990	$1,080	$1,500	$1,810
24151	$940	$980	$1,070	$1,480	$1,790
24176	$1,050	$1,170	$1,280	$1,780	$2,150
24184	$830	$860	$940	$1,310	$1,590

Source: HUD FY2027 Small Area FMRs (effective October 1, 2026).

HUD income limits for Franklin County (FY2026)

Income limits decide who qualifies for Section 8 vouchers, public housing and most HUD-assisted units. The area median family income is $89,500 (FY2025: $90,800, −1.4%). Small figures under each limit show the change from FY2025.

Household size	1 person	2 people	3 people	4 people	5 people	6 people	7 people	8 people
Extremely low income (30%)	$18,800 −1.6%	$21,640 −0.7%	$27,320 +2.5%	$33,000 +2.6%	$38,680 +2.7%	$44,360 +2.8%	$50,040 +2.9%	$55,720 +2.9%
Very low income (50%)	$31,350 −1.4%	$35,800 −1.5%	$40,300 −1.5%	$44,750 −1.4%	$48,350 −1.4%	$51,950 −1.4%	$55,500 −1.4%	$59,100 −1.4%
Low income (80%)	$50,150 −1.5%	$57,300 −1.5%	$64,450 −1.5%	$71,600 −1.4%	$77,350 −1.5%	$83,100 −1.4%	$88,800 −1.4%	$94,550 −1.4%

The 30% limit is HUD's “extremely low income” limit: the higher of 30% of median income or the federal poverty guideline, but never above the 50% limit. That is why it can rise faster than 30% of median for larger households. Tax-credit (LIHTC) properties use separate Multifamily Tax Subsidy Project limits.

Source: HUD Section 8 Income Limits FY2026 (effective May 1, 2026) and FY2025, details.