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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,650 | $208,529 | 0.79% | D |
| 3BR | $2,000 | $274,319 | 0.73% | D |
| 4BR | $2,460 | $394,234 | 0.62% | D |
U.S. Census Bureau data (2024)
The ZIP code 22971, Lovingston, VA, presents a market characterized by a clear gap between the Fair Market Rent (FMR) and the median home value, suggesting a dynamic housing environment. The FMR for the area stands at $1270 for fiscal year 2024, while the median home value is notably higher at $255,675. This disparity indicates that rental prices are lower relative to homeownership costs, potentially reflecting a situation where supply may be outpacing demand in the rental sector.
The 22.3% renter share in Lovingston implies ongoing long-term housing pressure. A significant portion of residents opting to rent rather than buy suggests either affordability challenges or lifestyle preferences that favor renting. This trend could indicate a steady demand for rental properties, especially if the population is growing or maintaining stable levels. However, without historical data on rental prices and sales volumes, it's challenging to definitively state whether supply exceeds demand or vice versa.
The absence of specific market rent figures and the percentage of price-cut share, along with the days on market (DOM), points to limited recent activity or transparency in the local real estate market. Nonetheless, the high median home value alongside the relatively low FMR hints at a market where homeownership might be less accessible for some, thereby supporting the observed renter share.
In summary, ZIP 22971 appears to be a market where rental prices are stable but relatively low compared to home values, indicating potential over-supply in rentals or strong demand for ownership. The substantial renter share suggests enduring pressure on the housing market, likely due to affordability concerns or demographic trends favoring renting.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.