Location: Culpeper County, VA | Metro: Culpeper County, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,290 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $2,190 |
| 4 Bedrooms | $2,200 |
| 5 Bedrooms | $2,552 |
| 6 Bedrooms | $2,858 |
| 7 Bedrooms | $3,087 |
| 8 Bedrooms | $3,241 |
U.S. Census Bureau data (2024)
The ZIP code 22746 presents several challenges for landlords considering Section 8 investments. Firstly, tenant turnover is a significant concern due to the discrepancy between market rents and the $1250 Fair Market Rent (FMR) set for fiscal year 2024. This can lead to properties being under-rented compared to what the market would bear, reducing potential income. Secondly, vacancy exposure is heightened given the lack of data on the average days on market (DOM), which suggests uncertainty around how quickly properties can be filled, especially when relying solely on Section 8 tenants. Lastly, there's an increased risk of deferred maintenance, as the typical home value and median income figures are unavailable, making it difficult to assess the financial health of local homeowners and their ability to maintain properties.
Despite these risks, the ZIP code benefits from a unique advantage: a 0.0% renter share. While this figure appears unusual and likely indicates incomplete data, if accurate, it would suggest that virtually all residents in this area own their homes. However, in practice, this implies a high concentration of homeowners, which often correlates with higher demand for rental properties among those seeking Section 8 vouchers. Landlords in such areas typically see a robust pool of applicants, potentially mitigating the risk of vacancies.
Verdict: Moderate risk for a first-time Section 8 landlord. The uncertainties around market conditions and financial health of the local population present notable challenges, but the potential for a strong applicant base provides a counterbalance.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.