Section 8 Fair Market Rent (FMR) for ZIP 23009 - 2027
Location: Richmond, VA | Metro: Richmond, VA HUD Metro FMR Area
Investment Score for ZIP 23009
F
Monthly Rent (2BR)
$1,510
Median Price (2BR)
$314,893
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,330 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,300 |
| 5 Bedrooms | $2,668 |
| 6 Bedrooms | $2,988 |
| 7 Bedrooms | $3,227 |
| 8 Bedrooms | $3,388 |
Investment Analysis by Bedroom Size
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms |
Monthly FMR |
Median Price |
1% Rule |
Grade |
| 2BR |
$1,510 |
$314,893 |
0.48% |
F |
| 3BR |
$1,870 |
$354,575 |
0.53% |
F |
| 4BR |
$2,300 |
$421,537 |
0.55% |
F |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$98,581
To determine if you should buy in ZIP code 23009 (Aylett, VA) for Section 8 investments, follow these steps:
- Does the Fair Market Rent (FMR) of $1640 cover the debt service on a property valued at $357,114?
- Yes: The FMR of $1640 per month is sufficient to cover the debt service on a property priced at $357,114. This indicates that the rental income can support the mortgage payments.
- No: The FMR of $1640 per month does not cover the debt service on a property priced at $357,114. In this case, purchasing a property in Aylett, VA for Section 8 would not be financially viable.
- Is the market rent of $1,197 (as reported by the Census ACS) above, at, or below the FMR?
- Above: If the market rent exceeds the FMR of $1640, then you might consider other investment opportunities where the market rent is closer to or exceeds the FMR. This would provide better returns on your investment.
- At or Below: With the market rent at $1,197, which is below the FMR, you can expect Section 8 tenants to pay the higher rate, making the investment more attractive.
- Are the 10.1% of renters combined with the unknown number of days on the market (DOM) sufficient to meet demand?
- It Depends: Given that only 10.1% of residents are renters, the demand for rental properties might be limited. However, the lack of data on days on the market makes it difficult to assess how quickly properties are being rented out. If properties are rented quickly despite low overall rental demand, this could still be a good investment.
The decision to invest in Aylett, VA hinges on whether the FMR sufficiently covers debt service and whether market rents are below the FMR, thus benefiting from higher Section 8 rates. The low percentage of renters suggests limited demand, but quick turnover could mitigate this concern. Analyze these factors carefully before proceeding.
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.