Location: Richmond, VA | Metro: Richmond, VA HUD Metro FMR Area
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 | $1,410 |
| 1 Bedroom | $1,440 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $2,080 |
| 4 Bedrooms | $2,500 |
| 5 Bedrooms | $2,900 |
| 6 Bedrooms | $3,248 |
| 7 Bedrooms | $3,508 |
| 8 Bedrooms | $3,683 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,080 | $453,542 | 0.46% | F |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP 23011 is poised for a period of stability and cautious optimism over the next 12-24 months, driven by the median home value of $453,242. This figure serves as a foundational metric for understanding the area's housing market. The absence of percentage reductions in listings and the unspecified median days on market (DOM) indicate that sellers maintain significant pricing power. In markets where homes are listed at stable values without widespread reductions, it typically signals confidence among sellers and a lack of urgency to sell quickly, which can be indicative of a balanced or slightly favoring seller's market.
On the rental side, the Fair Market Rent (FMR) for ZIP 23011 in fiscal year 2024 is set at $1470. This rate provides a benchmark for landlords and small-portfolio investors looking to align their rental prices with the broader market. Given that the FMR is a government-determined figure based on recent market conditions, it suggests that rental demand remains steady. However, the lack of specific data on the current market rental rates leaves some uncertainty regarding the immediate competition landlords face.
For long-term investors, the setup in ZIP 23011 supports a realistic appreciation thesis. Historically, areas with stable home values and a balanced market tend to see gradual growth rather than sharp fluctuations. The median home value of $453,242 suggests a middle-tier market that is less prone to speculative bubbles but offers solid, long-term investment opportunities. As the housing market continues to evolve, maintaining properties that offer value to tenants and buyers alike will ensure continued relevance and potential for appreciation. The absence of widespread price reductions further reinforces this thesis, indicating that the local economy likely supports both home ownership and rental activities.
To summarize, the current metrics suggest a market where pricing power leans towards sellers, and rental income is predictable based on the FMR. Long-term appreciation is a reasonable expectation, grounded in the stability of the current market conditions. Landlords and small-portfolio investors should focus on property maintenance and strategic positioning to capitalize on these trends.
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.