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 |
U.S. Census Bureau data (2024)
ZIP code 22946, located within the Charlottesville, VA Metropolitan Statistical Area (MSA), exhibits distinct characteristics that set it apart from typical ZIP codes in the region. The Fair Market Rent (FMR) for 22946 in fiscal year 2024 is $1350. This figure is crucial for understanding the rental dynamics within the area.
The lack of available data on market rent and home values in 22946 introduces an element of uncertainty but also highlights potential areas for further investigation. However, the 0.0% renter share indicates that virtually all residents in this ZIP code own their homes, which contrasts sharply with the average renter share in the Charlottesville, VA MSA. Typically, MSAs have a higher proportion of renters, making 22946 an outlier in terms of ownership rates.
Given the FMR of $1350 and the absence of renters, we can infer that 22946 is likely a value pocket within the larger Charlottesville, VA MSA. Value pockets are areas where rental costs are lower compared to surrounding neighborhoods, and they often attract first-time homebuyers or those seeking affordable housing options. In this case, the low FMR suggests that the area may be less expensive for potential renters, even though there are currently none.
The absence of renters could imply that the area is primarily attractive to homeowners who find the cost of living more manageable. It might also suggest that the local rental market is underdeveloped or that there is a strong preference for homeownership among the residents. While the lack of specific market rent and home value data prevents a direct comparison, the FMR provides a benchmark against which other ZIP codes in the MSA can be evaluated.
In conclusion, ZIP code 22946 stands out as a unique value pocket within the Charlottesville, VA MSA. Landlords and small-portfolio investors should consider the implications of this low renter share and the relatively low FMR when evaluating investment opportunities in the area. Further research into the local rental market and home values would provide a more comprehensive picture of the real estate landscape in 22946.
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.