Location: Madison County, 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 | $255,276 | 0.65% | D |
| 3BR | $2,000 | $361,707 | 0.55% | F |
| 4BR | $2,460 | $511,999 | 0.48% | F |
U.S. Census Bureau data (2024)
Stanardsville, VA, ZIP code 22973, is a small suburban community with a total population of 6,292. The area has a relatively low percentage of renters at 19.7%, indicating that it is primarily a homeownership-driven neighborhood. Median household income stands at $76,964, which is above the national average, suggesting that residents have disposable income for amenities beyond basic needs. The median home value in the area is $334,517, reflecting a stable housing market where property values are well-supported.
When considering investment opportunities through the lens of Section 8, the financial metrics become particularly important. The Fair Market Rent (FMR) for ZIP code 22973 in fiscal year 2024 is set at $1,270, while the Census ACS reports the market rent at $1,144. This means that landlords participating in the Section 8 program can expect to receive slightly higher rental payments compared to the local market rate, providing a cushion against potential vacancy rates and maintenance costs.
The economic landscape of Stanardsville suggests that it would be suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the stability of the housing market and the slight premium on FMR over market rent make the area a safe bet for consistent returns without significant effort. However, for those interested in a more active approach, the opportunity exists to improve properties and potentially command rents closer to the FMR, especially if targeting the 80.3% of homeowners who might appreciate upgrades and modern amenities.
To summarize, Stanardsville, VA, offers a balanced environment for Section 8 investments. With a median income that supports a healthy economy and a median home value indicative of a stable housing market, the area provides solid fundamentals. The FMR exceeding market rent offers an additional incentive for hands-off investors, while the possibility of enhancing property value makes it appealing for hands-on operators looking to add value.
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.