FMR History — Alleghany County-Clifton Forge city-Covington city, VA HUD Nonmetro FMR Area
Historical Fair Market Rents from FY2017 to FY2019. Current FMR page →
The 2-bedroom FMR in Alleghany County-Clifton Forge city-Covington city, VA HUD Nonmetro FMR Area has changed from $633 in FY2017 to $710 in FY2019 — a +12.2% change over 2 years.
| Fiscal Year | Studio | 1BR | 2BR | YoY 2BR | 2BR in FY2019 $ | 3BR | 4BR |
|---|---|---|---|---|---|---|---|
| FY2019 (Latest) | $477 | $537 | $710 | +3.8% | $710 | $956 | $960 |
| FY2018 | $500 | $545 | $684 | +8.1% | $696 | $928 | $932 |
| FY2017 | $485 | $509 | $633 | — | $660 | $869 | $873 |
Related Pages
- Current FMR profile — Alleghany County-Clifton Forge city-Covington city, VA HUD Nonmetro FMR Area
- Income limits — Alleghany County-Clifton Forge city-Covington city, VA HUD Nonmetro FMR Area
- LIHTC maximum rents — Alleghany County-Clifton Forge city-Covington city, VA HUD Nonmetro FMR Area
- HOME program rents — Alleghany County-Clifton Forge city-Covington city, VA HUD Nonmetro FMR Area
- Metros with the biggest FMR increases
- All FMR areas in VA
Understanding FMR Trends
Fair Market Rents are published each fall for the upcoming fiscal year (October through September). HUD adjusts FMRs annually based on local rental market surveys, American Community Survey (ACS) data, and Consumer Price Index (CPI) adjustments. Periods of rapid rent growth — such as the 2021–2023 period of post-pandemic inflation — are reflected in sharp FMR increases, while periods of market cooling may produce flat or modestly rising FMRs.
Historical data is useful for housing advocates, economists, and policymakers analyzing long-term trends in housing affordability. A rising FMR generally indicates a tightening rental market; a FMR that grows slower than household incomes suggests improving affordability, while one that outpaces income growth signals worsening cost burden.