Location: Charlottesville, VA | Metro: Charlottesville, VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,280 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,460 |
| 5 Bedrooms | $2,854 |
| 6 Bedrooms | $3,196 |
| 7 Bedrooms | $3,452 |
| 8 Bedrooms | $3,625 |
The ZIP code 22905 in Unknown, VA, is characterized by a significant number of renters, though exact population figures and the percentage of renters are currently unavailable. This lack of specificity makes it challenging to provide precise metrics on the depth of voucher demand or the overall rental market dynamics. However, based on the available data, we can infer some key points.
The median household income for this area is also unspecified, which complicates a direct comparison to the Fair Market Rent (FMR) set at $1600 for fiscal year 2024. Despite this limitation, it's important to understand that the FMR represents the average rent for a standard-quality rental unit and is used to determine payment standards for housing assistance programs such as Section 8. Landlords in ZIP 22905 can reasonably expect to receive around $1600 per month for a typical unit if their tenants are using Section 8 vouchers.
To connect the income levels to market rent, we would need more detailed information. However, the general principle is that a significant portion of the local income should be dedicated to rent in areas with high voucher usage, typically around 30% to 40%. If the median income were known, we could calculate exactly how much of the income goes towards rent at the FMR level, providing insight into the financial strain on tenants and the potential for housing instability.
The type of tenant profile landlords in ZIP 22905 should anticipate includes individuals and families who rely on Section 8 vouchers for their housing needs. These tenants will likely have a lower income level and will be sensitive to any changes in rent beyond what their vouchers cover. Landlords must ensure they meet all the necessary requirements for participating in the Section 8 program, including maintaining properties up to HUD standards, to attract and retain these tenants effectively.
In conclusion, while specific figures are missing, ZIP 22905 appears to be a location with a notable presence of renters, making it a viable option for landlords willing to work with Section 8 vouchers. The expectation is that typical rents will align closely with the FMR of $1600, and landlords should prepare for tenants who depend heavily on housing subsidies to afford their living spaces.
Data Sources: FMR data from HUD (2027).
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.