Location: Buckingham County, VA | Metro: Charlottesville, VA MSA
| 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 |
U.S. Census Bureau data (2024)
19.7% of residents in ZIP 24562 are renters, indicating a modest demand for rental properties in the area. However, the Fair Market Rent (FMR) for the zip code as of fiscal year 2024 is set at $1510, which is a critical benchmark for landlords participating in the Section 8 program. This figure represents the maximum amount a landlord can charge for rent while still being eligible under the program.
The median home value in ZIP 24562 is $264,458, suggesting that homeownership is accessible but not inexpensive. For landlords, this provides context on the local real estate market and can inform decisions on property investments and management. With a median income of $58,884, it's important to note that the income level of the area's residents is relatively stable, which can contribute to a reliable tenant pool.
While the Days on Market (DOM) and the percentage of homes that have had their prices cut are not available, these missing figures would typically provide insight into the competitiveness of the housing market and the challenges faced by sellers. In their absence, we must rely on the other available data points to assess the overall market conditions.
The participation in the Section 8 program in ZIP 24562 should be carefully considered given the established FMR. Landlords who are willing to comply with the program requirements can benefit from a steady stream of rental income, knowing that they will receive payments up to the $1510 limit per month. This can be particularly advantageous in an area where the renter share is 19.7%, ensuring a manageable but consistent demand for subsidized housing.
In conclusion, the data suggests that ZIP 24562 offers a balanced opportunity for landlords interested in the Section 8 program, with a defined FMR and a stable income level among residents. The modest renter share indicates a niche market, but one that can be effectively served by those who understand the program's benefits and constraints. Participation in Section 8 remains viable, with a fair return at $1510 FMR.
Data Sources: FMR data from HUD (2027). 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.