Location: Lynchburg, VA | Metro: Charlottesville, VA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,650 | $200,921 | 0.82% | C |
| 3BR | $2,000 | $263,413 | 0.76% | D |
| 4BR | $2,460 | $359,488 | 0.68% | D |
U.S. Census Bureau data (2024)
The dynamics of the ZIP code 22922, located in Arrington, Virginia, reveal a market in motion. The Fair Market Rent (FMR) for the area is set at $1270 for fiscal year 2024, indicating the government's benchmark for rental affordability. In contrast, the actual market rent, as per the Census ACS, stands at $797. This suggests that the rental market is currently below the FMR, which could imply either a surplus of rental properties or a general trend towards lower rents compared to the government's assessment.
The median home value in the area is $243,470, a figure that provides insight into the overall cost of homeownership in Arrington. However, the lack of specific data on price-cut shares and days on market (DOM) means we cannot definitively state whether supply outpaces demand or vice versa. Yet, the significant gap between the FMR and the market rent hints at a possible oversupply of rental units or a strong negotiating position for tenants.
A key statistic to consider is the 12.5% renter share. This relatively low percentage indicates that the majority of residents in Arrington own their homes. A smaller proportion of renters can exert less immediate pressure on the rental market but may signal long-term housing stability, as homeownership often correlates with a settled population. Conversely, it also implies that there might be limited rental options, which could become a point of tension if the population grows or changes.
In summary, while the exact balance between supply and demand is unclear without more detailed data, the current snapshot of ZIP 22922 suggests a rental market that is somewhat underserved relative to the government's standards. Landlords and small-portfolio investors should monitor local trends closely, particularly the interplay between rental demand and the availability of affordable housing options.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.