Location: Louisa County, VA | Metro: Richmond, VA HUD Metro FMR Area
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 | $1,070 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,260 | $308,698 | 0.41% | F |
| 3BR | $1,710 | $415,318 | 0.41% | F |
| 4BR | $1,940 | $663,714 | 0.29% | F |
| 5BR | $2,250 | $1,354,177 | 0.17% | F |
U.S. Census Bureau data (2024)
The real estate market in ZIP 23024 (Bumpass, VA) presents a unique opportunity for both landlords and small-portfolio investors. The median home value stands at $444,929, indicating a stable residential market that has not seen significant price reductions. Only 0.2% of listings have reduced their prices, which signals strong seller pricing power. This suggests that property owners can maintain or even slightly increase their asking prices without fear of significant inventory buildup.
The median days on market (DOM) being listed as N/A could imply that homes are selling quickly, often before reaching a typical DOM figure. This rapid turnover supports the notion of robust demand and limited supply, further bolstering the pricing power of sellers in the area.
On the rental side, the Fair Market Rent (FMR) for ZIP 23024 is set at $1,220 for fiscal year 2024, while the current market rent is estimated at $1,117 based on Census ACS data. This indicates a potential upward pressure on rents, as landlords may seek to align their rental rates with the FMR. The gap between the two figures also suggests that there is room for rental growth, particularly if local economic conditions improve or if there is an influx of new residents seeking housing.
For long-term hold investors, the setup in Bumpass, VA, implies a realistic appreciation thesis. With the median home value holding steady and the slight increase in FMR compared to market rent, it's reasonable to expect that property values will continue to rise, albeit gradually. The stable pricing environment and the positive rental dynamics suggest that maintaining properties and possibly upgrading them could lead to higher resale values or rental income over time.
In conclusion, the current market conditions in ZIP 23024 point towards a favorable scenario for those looking to invest in either ownership or rental properties. The combination of stable home values, minimal price reductions, and growing rental markets creates a solid foundation for future appreciation and rental rate increases.
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.