Location: Buckingham 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 | $1,280 |
| 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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,650 | $276,535 | 0.6% | F |
| 3BR | $2,000 | $361,752 | 0.55% | F |
| 4BR | $2,460 | $478,457 | 0.51% | F |
U.S. Census Bureau data (2024)
The potential risks for investing in Section 8 housing in ZIP 24590 in Scottsville, VA, are significant and must be carefully considered. First, tenant turnover can be a major issue, especially when comparing the market rent of $1,089 to the Fair Market Rent (FMR) of $1,410 for FY 2024. This discrepancy suggests that tenants may struggle to afford higher rents outside of subsidized programs, leading to frequent moves and increased vacancy periods.
Vacancy exposure is another concern, as the days on market (DOM) data is currently unavailable. This lack of information makes it difficult to predict how long a property might remain vacant between tenants, potentially resulting in lost rental income. Furthermore, the typical home value of $341,124 in Scottsville contrasts sharply with the median income of $105,911, indicating that many homeowners may have deferred maintenance due to financial constraints. For landlords, this means that properties in need of repair might require substantial investments before they can be rented out under the Section 8 program.
Despite these challenges, the high renter share of 16.6% in Scottsville suggests a robust demand for rental housing, which often translates into a higher demand for Section 8 vouchers. This high density of renters can provide a steady stream of potential tenants who qualify for the subsidy, thereby mitigating some of the risks associated with vacancy and turnover.
In summary, while there are notable risks related to tenant turnover, vacancy exposure, and deferred maintenance, the strong presence of renters in Scottsville, VA, offers a counterbalance. The overall verdict for a first-time Section 8 landlord in ZIP 24590 is moderate risk.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.