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 | $392,287 | 0.42% | F |
| 3BR | $2,000 | $458,320 | 0.44% | F |
| 4BR | $2,460 | $826,044 | 0.3% | F |
U.S. Census Bureau data (2024)
The potential risks for investing in Section 8 housing in ZIP 22959 in North Garden, VA, must be carefully considered. Tenant turnover is a significant concern, with the market rent at $1,412 compared to the Fair Market Rent (FMR) of $1,270 for FY 2024. This discrepancy can lead to frequent changes in occupancy, increasing administrative costs and management time.
Vacancy exposure is another critical issue, as the days on market (DOM) for the area is listed as N/A, indicating unreliable data on how quickly properties are rented. This uncertainty can result in prolonged periods without rental income, impacting cash flow and financial stability.
Deferred maintenance poses an additional challenge. With a typical home value of $532,662 and a median income of $95,461, residents might struggle to cover the costs of maintaining their homes, potentially leading to higher repair expenses for landlords. The financial burden of these repairs can be substantial and may not be fully covered by the rental income.
However, these risks are mitigated by the high renter share in the area, which stands at 16.1%. A larger proportion of renters typically translates into higher demand for Section 8 vouchers, ensuring a steady stream of qualified tenants who can pay consistently through government subsidies.
In conclusion, the overall risk for a first-time Section 8 landlord in ZIP 22959 is moderate.
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.