Location: Charlotte County, VA | Metro: Lynchburg, 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 | $930 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $195,134 | 0.55% | F |
| 3BR | $1,480 | $288,630 | 0.51% | F |
| 4BR | $1,580 | $369,032 | 0.43% | F |
U.S. Census Bureau data (2024)
The potential risks for a Section 8 landlord in ZIP 24522, located in Appomattox, VA, are significant. Firstly, tenant turnover could be a major issue due to the difference between the market rent of $851 and the Fair Market Rent (FMR) of $930 for FY 2024. This gap suggests that tenants might prefer higher-paying jobs or other housing options that better match their financial capabilities, leading to higher churn rates.
Vacancy exposure is another concern. The average days on market (DOM) for properties in this area is not available, which indicates uncertainty regarding how quickly a property can be rented out. In areas with limited data, landlords must be prepared for extended periods of vacancy, which can lead to financial strain.
Deferred maintenance is also a critical factor. With a typical home value of $282,923 and a median income of $60,503, many homeowners may struggle to keep up with necessary repairs and maintenance. This could result in higher repair costs for landlords who inherit properties in poor condition, as well as potential compliance issues with housing standards required by Section 8 programs.
However, these risks are tempered by the high renter share in the area, which stands at 28.3%. High renter density typically translates into a robust demand for rental properties, including those that accept Section 8 vouchers. This strong tenant base can help mitigate the risk of vacancy and ensure a steady stream of applicants.
In conclusion, despite the challenges posed by tenant turnover, vacancy exposure, and deferred maintenance, the high renter share in ZIP 24522 presents a significant opportunity for landlords. Therefore, the overall risk for a first-time Section 8 landlord in this area is moderate.
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.