Location: Charlottesville, 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 | $232,083 | 0.71% | D |
| 3BR | $2,000 | $297,850 | 0.67% | D |
U.S. Census Bureau data (2024)
The ZIP code 22937, located in Esmont, Virginia, within Albemarle County, stands out due to its unique demographic and economic characteristics. With a total population of 1,743 residents, it has a rental rate of 24.3%, indicating that just over a quarter of the housing units are rented. The median household income here is $86,979, reflecting a relatively comfortable standard of living. However, the median home value is notably lower at $299,601, suggesting that while incomes are decent, the cost of homeownership is still quite affordable compared to other areas.
Landlords and small-portfolio investors should take note of the voucher economics in this area. The Fair Market Rent (FMR) for ZIP 22937 for fiscal year 2024 is set at $1,270. This figure is slightly below the market rent of $1,398, according to the Census Bureau's American Community Survey. This means that landlords accepting Section 8 vouchers can expect to receive a subsidy that covers most, but not all, of the market rent. Given the difference between the FMR and market rent, landlords could still attract tenants who benefit from the subsidy while maintaining competitive rates.
Evaluating the overall stability of ZIP 22937, the data suggests a stable environment. The relatively low median home value alongside a decent median income indicates that there is a balance in the local economy where housing remains accessible. Additionally, the modest rental rate implies that homeownership is preferred, which can be a sign of a stable community where residents are invested in long-term residency. These factors combined paint a picture of an area that is unlikely to experience rapid transitions or significant volatility in the near future.
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.