Rental Benchmark Overview
2-Bedroom Benchmark Rent
$914$10,968 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Covington city, VA
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Covington city, VA
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $773 | $9,276 | $30,920 | $14.87/hr |
| 1-Bedroom Apartment | $778 | $9,336 | $31,120 | $14.96/hr |
| 2-Bedroom ApartmentStandard Benchmark | $914 | $10,968 | $36,560 | $17.58/hr |
| 3-Bedroom Home | $1,259 | $15,108 | $50,360 | $24.21/hr |
| 4-Bedroom Home | $1,358 | $16,296 | $54,320 | $26.12/hr |
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Frequently Asked Questions About Rent in Covington city, VA
What is the Fair Market Rent for a 2-bedroom in Covington city, VA?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Covington city, VA is $914 per month ($10,968 per year).
What hourly wage is needed to afford rent in Covington city, VA?
To comfortably afford a 2-bedroom apartment at $914/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $17.58 per hour ($36,560/year).
What are the HUD Fair Market Rents by bedroom count in Covington city, VA?
Official 2026 HUD rents in Covington city, VA are: Studio: $773/mo, 1-Bedroom: $778/mo, 2-Bedroom: $914/mo, 3-Bedroom: $1,259/mo, and 4-Bedroom: $1,358/mo.
How do HUD Fair Market Rents compare to local incomes in Covington city, VA?
At the local Census ACS median household income of $41,944/year ($3,495/month), the benchmark 2-bedroom Fair Market Rent represents 26.1% of monthly income.
How is the 30% housing affordability standard calculated in Covington city, VA?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $914/month, the required minimum annual gross income is calculated as ($914 × 12) ÷ 0.30 = $36,560 per year.