Location: Rockbridge County-Buena Vista city-Lexington city, 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 | $296,150 | 0.56% | F |
| 3BR | $2,000 | $358,783 | 0.56% | F |
U.S. Census Bureau data (2024)
ZIP code 24483, located in Vesuvius, VA, sits within the Rockbridge County-Buena Vista city-Lexington city, VA HUD Nonmetr metro area. Its Fair Market Rent (FMR) for FY 2024 stands at $1270. While the market rent is not available, the median home value is listed at $308,087. The renter share in this ZIP is 7.5%, indicating a moderate proportion of renters.
To understand the position of ZIP 24483 within its metro, let's consider the typical characteristics of other ZIP codes in the Rockbridge County-Buena Vista city-Lexington city, VA HUD Nonmetr area. Generally, ZIP codes in this region have lower median home values and FMRs compared to urban centers but higher than rural areas. However, specific comparative figures for other ZIP codes in the area are not provided here.
Given the data, we can infer that ZIP 24483 likely represents a mid-tier neighborhood within its metro. The FMR of $1270 suggests rental costs are neither exceptionally low nor high, aligning with the middle range of rents typically found in non-metropolitan areas. The median home value of $308,087 also points towards a middle ground, where properties are affordable yet not considered low-value assets.
The 7.5% renter share indicates a significant but not overwhelming number of renters. This percentage is crucial for landlords and small-portfolio investors because it reflects the demand for rental properties. A higher renter share with below-average home values can sometimes indicate a sweet spot for Section 8 housing, but in this case, the home values are above average for the region, suggesting that while there is a presence of renters, it might not be a primary target for subsidized housing programs.
In conclusion, ZIP 24483 appears to be a balanced neighborhood within its metro, offering opportunities for both homeowners and renters without leaning heavily into either extreme. For investors, this means a stable market with moderate returns, rather than a high-risk, high-reward scenario typical of value pockets or a premium sub-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.