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 |
|---|---|---|---|---|
| 3BR | $2,000 | $274,499 | 0.73% | D |
U.S. Census Bureau data (2024)
1590 - In ZIP code 23022, the Fair Market Rent (FMR) for 2024 has been set at $1590. This figure represents the maximum amount that landlords can charge for a Section 8 voucher in this area.
N/A - Despite the absence of specific data on market rents, it's important to note that the lack of detailed figures doesn't necessarily indicate low demand; rather, it could reflect an underreported or less tracked market segment.
255,240 - The median home value in 23022 stands at $255,240, providing a benchmark for property values in the area.
18.3 - Renter share of the population in 23022 is 18.3%, suggesting a moderate reliance on rental properties. This percentage indicates a steady but not overwhelming demand for rentals, which could be favorable for maintaining a consistent occupancy rate.
N/A - The median income data is not available, which makes assessing the financial capability of potential tenants challenging. However, given the relatively stable median home value, it's reasonable to infer that there is a mix of economic conditions among residents.
N/A - Days on Market (DOM) data is also missing, making it difficult to assess how quickly properties are typically leased in this area. Nonetheless, the other available metrics provide insight into the general rental environment.
N/A - The percentage of listings that have had their prices cut is not specified, which means we cannot directly evaluate the competitive pressure on rental prices. However, the absence of this data might imply that landlords are generally able to maintain their asking rents without significant adjustments.
Based on the provided data, the Section 8 program in 23022 offers a clear guideline for rental pricing at $1590, aligning closely with the fair market standards. With a median home value of $255,240 and a renter share of 18.3%, the area supports a balanced rental market. While key metrics such as median income and DOM are unavailable, the overall context suggests a stable investment opportunity. Landlords should consider the established FMR as a reliable benchmark for setting rental rates and expect a moderate level of tenant interest.
Verdict: Suitable for Section 8 participation, with clear guidelines and moderate demand.
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.