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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,650 | $304,998 | 0.54% | F |
| 3BR | $2,000 | $381,598 | 0.52% | F |
U.S. Census Bureau data (2024)
The ZIP code 22938, located in Faber, VA, falls within the larger Charlottesville, VA MSA metro area. When comparing the specific figures of 22938 to those of typical ZIP codes within the Charlottesville MSA, several points emerge that help position it within the local real estate market.
Firstly, the Fair Market Rent (FMR) for ZIP 22938 is set at $1,270 for fiscal year 2024. This figure is slightly below the market rent of $1,359, indicating that the rental prices in this area are competitive but not necessarily leading the market. The FMR is used to determine eligibility for housing assistance programs such as Section 8, and the lower FMR compared to the market rent suggests that there might be some cost savings for landlords who participate in these programs.
The median home value in 22938 stands at $368,755, which is notably lower than what one might expect in a typical ZIP code within the Charlottesville MSA. This could suggest that 22938 represents a value pocket within the metro area, offering homeownership opportunities at a more affordable price point.
A key indicator for potential Section 8 activity is the 14.4% renter share. While this percentage is not extraordinarily high, it does suggest a moderate presence of renters in the area. Given the divergence between the relatively low home values and the renter share, it's reasonable to infer that 22938 could be an attractive location for tenants seeking government-assisted housing options.
In summary, ZIP 22938 appears to be a value pocket within the Charlottesville, VA MSA. Its lower FMR and home values, coupled with a moderate renter share, make it a potentially appealing area for landlords looking to serve a mix of market-rate and Section 8 tenants. The slight difference between the FMR and market rent also indicates a competitive yet manageable rental environment.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.