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)
The potential risks for landlords investing in ZIP 24599 under the Section 8 program are significant and must be carefully considered. First, the discrepancy between the market rent and the Fair Market Rent (FMR) of $1270 set by HUD for FY 2024 can lead to increased tenant turnover. Landlords might struggle to find tenants willing to pay below market rates, which can result in frequent vacancies and the associated costs of re-leasing properties.
Second, the vacancy exposure is heightened due to the lack of data on Days on Market (DOM). This uncertainty makes it difficult to predict how long a property might remain vacant, increasing the financial burden on landlords during these periods. The typical home value in ZIP 24599 is $223,233, while the median household income stands at $62,648. This income level suggests that many residents may require assistance through housing vouchers, leading to deferred maintenance issues as they may not have the funds to cover repairs beyond their rent payments.
Despite these challenges, there are factors that mitigate the risks. The renter share in ZIP 24599 is 9.8%, indicating a relatively high concentration of renters who are likely to have a strong demand for Section 8 vouchers. High renter density often translates into a robust pool of qualified applicants for subsidized housing, reducing the likelihood of prolonged vacancies.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.