Section 8 Fair Market Rent (FMR) for ZIP 22969 - 2027
Location: Charlottesville, VA | Metro: Charlottesville, VA MSA
FY 2027 Fair Market Rent Rates
| 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 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$94,659
Housing Authorities Serving ZIP 22969
To decide whether you should buy in ZIP 22969 (Schuyler, VA) for Section 8, follow this decision tree:
- Does FMR $1510 (zip FY 2024) clear debt service on a $274,736 property?
- If yes: The Fair Market Rent (FMR) of $1510 is sufficient to cover the debt service on a property valued at $274,736. This means that the rental income will meet the financial obligations associated with owning the property.
- If no: The FMR of $1510 does not clear the debt service on a $274,736 property. In this case, the rental income would be insufficient to cover the financial obligations, making it a poor investment choice for Section 8.
- Is market rent $1,053 (Census ACS) above, at, or below FMR?
- If market rent is above FMR: The market rent of $1,053 exceeds the FMR of $1510, indicating that properties can potentially be rented out at higher rates than what is covered by Section 8 vouchers. This could provide additional revenue opportunities beyond just Section 8 tenants.
- If market rent is at FMR: The market rent of $1,053 matches the FMR of $1510, meaning that the rental price aligns perfectly with the compensation offered by Section 8. This scenario supports stable cash flows but limits upside potential.
- If market rent is below FMR: The market rent of $1,053 is less than the FMR of $1510, which suggests that Section 8 rents might be higher than what the market demands. Landlords could find it challenging to attract non-Section 8 tenants willing to pay the higher voucher rate.
- Are 21.9% renters + N/A-day DOM enough demand?
- If there is enough demand: With 21.9% of residents being renters, combined with an unspecified number of days on the market (DOM), there is a reasonable level of rental demand in Schuyler, VA. This percentage indicates a moderate interest in renting properties, which can support Section 8 investments.
- If there is not enough demand: The 21.9% renter population, alongside an unspecified DOM, may not generate sufficient demand to sustain a Section 8 property. This lack of clear data on DOM makes it difficult to assess the ease of finding tenants, which is critical for rental investments.
The final decision to invest in ZIP 22969 for Section 8 depends on the answers to these questions. If the FMR covers debt service and there is strong demand, the answer is yes. If the FMR does not cover debt service or demand is weak, the answer is no. If the FMR nearly covers debt service or demand is moderate, the answer is it depends.
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.