HUD Fair Market Rent · FY 2027 · Effective Oct 1, 2026 to Sep 30, 2027
Fair Market Rent in Craig County, Virginia (FY 2027)
HUD's FY 2027 Fair Market Rent for a two-bedroom in Craig County is $1,464 a month. That's the number the housing authority starts from when it sets Section 8 payment standards here.
Two-bedroom FMR
$1,464
+16.7% from FY 2026
Payment standard
$1,318–$1,610
90% to 110% of the FMR, two-bedroom
Income to afford
$58,560
a year, with rent at 30% of income
Rank in Virginia
56th of 133
by two-bedroom FMR, highest first
FY 2027 Fair Market Rents
Payment standard is the 90% to 110% band a housing authority can set. Income needed puts rent at 30% of gross income, and the hourly wage assumes a 40-hour week.
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2026 |
|---|---|---|---|---|---|
| Studio | $1,186 | $1,067–$1,305 | $47,440 | $22.81/hr | +18.1% |
| 1 bedroom | $1,250 | $1,125–$1,375 | $50,000 | $24.04/hr | +18.7% |
| 2 bedroom | $1,464 | $1,318–$1,610 | $58,560 | $28.15/hr | +16.7% |
| 3 bedroom | $2,022 | $1,820–$2,224 | $80,880 | $38.88/hr | +16.0% |
| 4 bedroom | $2,447 | $2,202–$2,692 | $97,880 | $47.06/hr | +16.3% |
Five to eight bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $2,814 | $2,533–$3,095 |
| 6 bedroom Estimate | $3,181 | $2,863–$3,499 |
| 7 bedroom Estimate | $3,548 | $3,193–$3,903 |
| 8 bedroom Estimate | $3,915 | $3,524–$4,307 |
Source: HUD Office of Policy Development and Research, FY 2027 Fair Market Rents. Rents include utilities. huduser.gov
Market check
HUD's number is one input. What does a two-bedroom in Craig actually rent for?
Search any address in Craig for a rent estimate built from nearby comps, with the HUD figure right next to it.
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What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Craig somewhere between $1,318 and $1,610. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$1,464 a month is affordable, by HUD's 30% rule, on an income of roughly $58,560 a year. Put another way, $28 an hour full time.
Worked example for a two-bedroom renting at the payment standard. The tenant pays 30% of monthly income and the voucher covers the rest.
| Monthly household income | Tenant pays (30%) | Voucher pays at 90%$1,318 | Voucher pays at 100%$1,464 | Voucher pays at 110%$1,610 |
|---|---|---|---|---|
| $2,500 | $750 | $568 | $714 | $860 |
| $4,000 | $1,200 | $118 | $264 | $410 |
Rate history
The two-bedroom rate went up 17% from FY 2026 ($1,254) to FY 2027 ($1,464). Since FY 2020 it's up 73% in total, about 8.2% a year. The Virginia median moved up 1% over the same year.
| Fiscal year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $555 | $668 | $844 | $1,146 | $1,261 | — |
| FY 2021 | $641 | $743 | $941 | $1,268 | $1,387 | +11.5% |
| FY 2022 | $617 | $700 | $879 | $1,187 | $1,316 | -6.6% |
| FY 2023 | $723 | $803 | $990 | $1,358 | $1,533 | +12.6% |
| FY 2024 | $811 | $894 | $1,088 | $1,513 | $1,760 | +9.9% |
| FY 2025 | $892 | $948 | $1,141 | $1,597 | $1,885 | +4.9% |
| FY 2026 | $1,004 | $1,053 | $1,254 | $1,743 | $2,104 | +9.9% |
| FY 2027In effect | $1,186 | $1,250 | $1,464 | $2,022 | $2,447 | +16.7% |
About this rate
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2027 that's October 1, 2026 through September 30, 2027. In Craig, that runs from $1,186 for a studio up to $2,447 for four bedrooms, all five rates in the table above.
This is a metro rate. The county doesn't get one of its own. HUD lumps Craig in with 4 other counties in the Roanoke metro, Roanoke city, Roanoke County, Botetourt County among them, and every one of them gets $1,464 for a two-bedroom. Where you are inside the metro doesn't change the county number. It does change the ZIP number, covered below.
Among Virginia's 133 counties, Craig ranks 56th for two-bedroom FMR. That's about 16% above the state median of $1,262 and about 38% above the national median county at $1,063. About 4,856 people live here, 130th in the state.
Rates by ZIP code
HUD also publishes Small Area FMRs by ZIP code. For the 2 ZIP codes it covers in Craig, the two-bedroom rate is $1,130 across the board, so there's no ZIP-level story here.
Counties sharing the Roanoke metro rate
HUD sets one rate for the whole metro, so every county here carries the same $1,464 two-bedroom figure as Craig.
Nearby counties
Two-bedroom FMR, with how each compares to Craig.
Salem city
19 mi · 25,618 people
$1,464
same rate
Botetourt County
20 mi · 34,004 people
$1,464
same rate
Roanoke County
20 mi · 97,023 people
$1,464
same rate
Covington city
21 mi · 5,680 people
$943
-36%
Roanoke city
23 mi · 98,355 people
$1,464
same rate
Montgomery County
26 mi · 99,101 people
$1,340
-8%
Alleghany County
28 mi · 14,859 people
$943
-36%
Giles County
31 mi · 16,557 people
$999
-32%
Questions people ask
$1,464 a month for FY 2027, which runs October 1, 2026 through September 30, 2027. The other rates are $1,186 for a studio, $1,250 for one bedroom, $2,022 for three and $2,447 for four.
Tools for this county
Fair Market Rent lookup
Any ZIP code's Small Area FMR by bedroom count
Section 8 rent calculator
Payment standard and tenant share for a specific rent
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords
Rent affordability calculator
The income a household needs for a given rent
What does a rental in Craig actually go for?
HUD's number is one input. Search any address in Craig for a rent estimate built from nearby comps. Free to start, no card.
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