Section 8 Fair Market Rent (FMR) for ZIP 22976 - 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)

Population

149

Median Household Income

$42,622

Housing Units

230

Renter Percentage

19.0%

Occupancy Rate

36.5%

Renter Occupied

A decision tree for evaluating whether to purchase properties in ZIP code 22976 for Section 8 investment begins with the Fair Market Rent (FMR) figure of $1270 for the fiscal year 2024. This amount must be compared against the debt service of a property priced at $285,241. If the monthly rental income does not cover the debt service, the answer is a clear No.

If the FMR clears the debt service, the next step is to assess the relationship between the FMR and the market rent. The data indicates that the market rent is currently N/A, suggesting a lack of available information to make a direct comparison. In such a scenario, the analysis shifts towards other factors.

The third consideration involves the percentage of renters in the area and the days on market (DOM) for vacant listings. With 19.0% of the population being renters and the DOM being N/A, the demand signal is mixed. If the DOM were low, it would indicate strong demand, but the absence of this data makes it difficult to draw a definitive conclusion. Therefore, the answer here is It Depends.

To summarize the decision tree:

Does $1270 clear debt service on a $285,241 property?
- Yes: Proceed to the next question.
- No: Do not invest in this ZIP code for Section 8.
Is market rent above, at, or below FMR?
- Data is N/A, proceed to the next question.
Are 19.0% renters + N/A-day DOM enough demand?
- Yes: Invest if you can find a property where the FMR covers the debt service.
- No: Do not invest due to insufficient data indicating strong demand.
- It Depends: Further research into local market conditions and individual property performance is necessary before making an investment decision.

The final decision hinges on the ability to find a property where the FMR sufficiently covers the debt service and a thorough understanding of the local rental market dynamics. Without precise market rent data and DOM figures, caution is advised when interpreting the demand signals.

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.