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)
The ZIP code 22964 is situated in a suburban area characterized by a modest population size of approximately 99 residents. This neighborhood features a significant rental market, with 47.9% of the residents being renters. The median home value stands at $211,862, indicating a middle-class residential area where homeownership is still a prevalent aspect of the community.
Regarding the economic landscape of the rental market, the Fair Market Rent (FMR) for ZIP 22964 in fiscal year 2024 is set at $1270. While specific data on the market rent is currently unavailable, it's reasonable to assume that the FMR closely aligns with the actual market rates given the high percentage of renters in the area.
For Section 8 investors, this ZIP code presents a balanced opportunity. The hands-off operator can find comfort in the established rental market and the clarity provided by the FMR. However, the absence of precise median income data suggests that there might be variability in tenant qualifications, which could necessitate thorough screening processes. On the other hand, a hands-on value-add buyer would have room to improve properties and potentially command higher rents than the FMR, especially if they can enhance the living conditions or location appeal.
In conclusion, ZIP 22964 offers a stable environment for hands-off Section 8 operators due to the clear rental guidelines and a significant rental market share. For those inclined towards active property management and renovation, there is potential to create added value and possibly exceed the FMR of $1270, making it a suitable investment for both hands-off and hands-on approaches depending on the investor's strategy.
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.