Location: Orange County, 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 |
U.S. Census Bureau data (2024)
The ZIP code 22942, located in Gordonsville, VA, within the Orange County, VA metro area, presents a unique profile when compared to typical ZIP codes in the region. With a Fair Market Rent (FMR) of $1,270 for FY 2024 and a market rent of $1,304, it closely aligns with the average rental costs in Orange County. However, its median home value of $407,150 suggests that it is neither at the very bottom nor the top end of the housing market spectrum.
A key factor in assessing the attractiveness of this ZIP code for landlords and small-portfolio investors is the 24.5% renter share. This figure indicates a moderate presence of renters, which is important for those seeking to invest in properties with stable tenant populations. The relatively low FMR compared to the market rent points towards a slight premium in the local rental market, suggesting that 22942 is a mid-tier neighborhood within the Orange County metro area.
The divergence between the FMR and market rent, along with the median home value, implies that while the area isn't considered a value pocket due to its higher-than-average home values, it also doesn't qualify as a premium sub-market given its modest renter share and rental pricing. Instead, 22942 represents a balanced investment opportunity where landlords can expect reasonable returns without the volatility associated with extreme value pockets or premium sub-markets.
Investors should note that the combination of a slightly above-average renter share and lower-than-county-wide average home values could indicate a favorable environment for Section 8 tenants. This ZIP code might serve as a sweet spot for those looking to participate in the Section 8 program, offering a blend of accessibility and stability that could be appealing to both tenants and property owners alike.
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.