Location: Richmond County, VA | Metro: Lancaster County, VA
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 | $960 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,420 | $420,695 | 0.34% | F |
| 4BR | $1,850 | $596,145 | 0.31% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 22473 in metro FY 2026 is set at $1,060. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program. It is important to note that this is not the amount your tenant will pay in rent; rather, it is the maximum amount the housing authority will reimburse you for rent. The actual rent paid by the tenant will be a portion of their income, typically around 30%, with the rest covered by the voucher.
In comparison, the average rent for the area based on recent Census American Community Survey (ACS) data is $1,006. This indicates that the FMR is slightly above the market rate, which can be beneficial for landlords looking to ensure they receive fair compensation for their properties.
The 12.1% share of renters in the area suggests a steady demand for rental housing. While this percentage may seem low, it translates into a significant number of potential tenants who could benefit from Section 8 vouchers, ensuring a consistent pool of applicants for your property.
When considering the acquisition cost of a property in ZIP 22473, the median home value is $350,576. This means that if you are planning to purchase a property specifically for Section 8 tenants, you should expect to pay around this amount. It's crucial to factor in this cost when calculating your overall investment strategy and expected returns.
Before deciding to participate in the Section 8 program with a rental property in this ZIP code, verify that your property meets all the necessary requirements for eligibility. This includes ensuring that the unit passes a thorough inspection and meets safety and health standards set by the housing authority. Once these conditions are met, you can confidently proceed with the application process knowing that you have a solid understanding of the financial landscape in 22473.
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.