Location: Louisa 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 | $1,300 |
| 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 | $256,973 | 0.64% | D |
| 3BR | $2,000 | $376,958 | 0.53% | F |
| 4BR | $2,460 | $458,524 | 0.54% | F |
U.S. Census Bureau data (2024)
The ZIP code 23093, located in Louisa, Virginia, represents a modest-sized market with a population of 14,647 individuals. Within this demographic, 22.4% are renters, indicating that while there is a notable rental presence, it is not overwhelmingly dominant. The median household income stands at $72,798, which provides a baseline for understanding the financial capabilities of potential tenants.
A typical market rent in this area is $1,170, which constitutes approximately 16.2% of the median household income. This percentage suggests that the cost of renting is manageable for most residents, though it still represents a significant portion of their earnings. Comparatively, the Fair Market Rent (FMR) for the fiscal year 2024 is set at $1280, slightly above the current market rent, which could indicate that there is some room for price adjustment or that landlords may need to offer competitive amenities to attract tenants.
The demand for Section 8 vouchers in this ZIP code is moderate. Given the income levels and the percentage of renters, landlords can expect a mix of tenants, including those who rely on housing assistance. However, the scarcity of vouchers relative to the number of homeowners suggests that landlords might not be overwhelmed by requests solely based on housing vouchers. Instead, they should prepare for a tenant pool that includes both voucher recipients and those paying out-of-pocket, with the latter group potentially being more prevalent.
To summarize, landlords in ZIP 23093 should anticipate a tenant base that is financially diverse. They will likely encounter applicants who can afford the market rent without assistance and others who will require Section 8 vouchers. The balance between these groups means that landlords must maintain competitive pricing and possibly offer additional incentives to attract and retain tenants. The typical rent of $1,170 is relatively high compared to the median income but remains below the FMR, offering some flexibility in the rental market.
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.