Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,066$12,792 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Madison County, VA
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Madison County, 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 | $923 | $11,076 | $36,920 | $17.75/hr |
| 1-Bedroom Apartment | $971 | $11,652 | $38,840 | $18.67/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,066 | $12,792 | $42,640 | $20.50/hr |
| 3-Bedroom Home | $1,483 | $17,796 | $59,320 | $28.52/hr |
| 4-Bedroom Home | $1,667 | $20,004 | $66,680 | $32.06/hr |
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Frequently Asked Questions About Rent in Madison County, VA
What is the Fair Market Rent for a 2-bedroom in Madison County, VA?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Madison County, VA is $1,066 per month ($12,792 per year).
What hourly wage is needed to afford rent in Madison County, VA?
To comfortably afford a 2-bedroom apartment at $1,066/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $20.50 per hour ($42,640/year).
What are the HUD Fair Market Rents by bedroom count in Madison County, VA?
Official 2026 HUD rents in Madison County, VA are: Studio: $923/mo, 1-Bedroom: $971/mo, 2-Bedroom: $1,066/mo, 3-Bedroom: $1,483/mo, and 4-Bedroom: $1,667/mo.
How do HUD Fair Market Rents compare to local incomes in Madison County, VA?
At the local Census ACS median household income of $84,323/year ($7,027/month), the benchmark 2-bedroom Fair Market Rent represents 15.2% of monthly income.
How is the 30% housing affordability standard calculated in Madison County, VA?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,066/month, the required minimum annual gross income is calculated as ($1,066 × 12) ÷ 0.30 = $42,640 per year.