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 | $1,310 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,300 |
| 5 Bedrooms | $2,668 |
| 6 Bedrooms | $2,988 |
| 7 Bedrooms | $3,227 |
| 8 Bedrooms | $3,388 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,490 | $195,564 | 0.76% | D |
| 3BR | $1,870 | $291,094 | 0.64% | D |
| 4BR | $2,300 | $384,826 | 0.6% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 23030, which encompasses Charles City, VA, stands at $81,250. Considering the market rate for rent is $1,073 according to the Census ACS, it becomes evident that affordability is a significant concern for local households. A household earning the median income would allocate approximately 31% of their gross monthly income towards rent, which is notably high.
When comparing the market rate to the Federal Market Rent (FMR) standard set for ZIP 23030 in fiscal year 2024, which is $1,210, there is a substantial discrepancy. The FMR is higher than the actual market rate, suggesting that the government's estimate for rental assistance is above what most tenants can afford in this area.
With only 14.6% of the 4,470 population being renters, the competition among landlords is relatively low. However, the affordability gap means that many potential tenants might struggle to pay even the lower market rates without financial assistance. This situation creates a scenario where landlords must weigh the benefits of accepting Section 8 vouchers against the risks of relying on cash-paying tenants who might face financial constraints.
Takeaway: For landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants, the data suggests that vouchers offer a more stable income source given the higher FMR compared to the local market rate. Accepting vouchers could help attract tenants who otherwise might be priced out of the market, ensuring consistent occupancy and income. However, landlords should also be prepared for the administrative requirements associated with voucher programs.
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.