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 | $1,730 |
| 1 Bedroom | $1,800 |
| 2 Bedrooms | $1,960 |
| 3 Bedrooms | $2,420 |
| 4 Bedrooms | $2,970 |
| 5 Bedrooms | $3,445 |
| 6 Bedrooms | $3,858 |
| 7 Bedrooms | $4,167 |
| 8 Bedrooms | $4,375 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,960 | $273,614 | 0.72% | D |
| 3BR | $2,420 | $404,686 | 0.6% | F |
| 4BR | $2,970 | $517,508 | 0.57% | F |
| 5BR | $3,445 | $685,201 | 0.5% | F |
U.S. Census Bureau data (2024)
The ZIP code 23060, located in Glen Allen, Virginia, within Henrico County, stands out due to its relatively high median income of $104,468 and median home value of $451,248. This area is home to 36,497 residents, with 22.9% renting their homes. The economic landscape here is favorable for homeownership, yet the rental market remains a significant component of the local housing ecosystem.
For landlords and small-portfolio investors considering Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 23060 in fiscal year 2024 is set at $1,680. In comparison, the Zillow Rent Index (ZORI), which reflects the average rent in the market, is at $1,828. This indicates that landlords who accept Section 8 vouchers can expect slightly lower rents than the market average, but the difference is manageable and still provides a viable investment opportunity.
The data signature for ZIP 23060 suggests a stable environment. The median income and home values indicate a robust economy where residents have the financial means to afford higher-priced homes and rentals. While the rental rate is below the market average, it aligns closely enough to ensure steady demand and occupancy rates. For investors, this stability translates into predictable cash flows and a reliable tenant pool, making it an attractive location for long-term investments in affordable housing.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.