Section 8 Fair Market Rent (FMR) for ZIP 23075 - 2027

Location: Richmond, VA | Metro: Richmond, VA HUD Metro FMR Area

Investment Score for ZIP 23075

Monthly Rent (2BR)

$1,490

Median Price (2BR)

$217,082

1% Rule

0.69%

Annual Yield

8.24%

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	$1,310
1 Bedroom	$1,360
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

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	$1,490	$217,082	0.69%	D
3BR	$1,870	$260,310	0.72%	D
4BR	$2,300	$319,099	0.72%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

8,347

Median Household Income

$55,567

Housing Units

4,237

Renter Percentage

35.3%

Occupancy Rate

89.8%

Renter Occupied

1,342

The Highland Springs area, located in ZIP code 23075, is situated in Virginia and offers a unique blend of suburban living with access to urban amenities. This region has been attracting attention from real estate investors due to its stable housing market and the presence of a significant number of renters.

The Fair Market Rent (FMR) for ZIP 23075 in fiscal year 2024 is set at $1,470, providing a benchmark for rental pricing in the area.
The Zillow Observed Rent Index (ZORI) for Highland Springs currently stands at $1,573, indicating that the market rent is slightly above the FMR, suggesting a positive trend for rental income.
The median home value in Highland Springs is $255,260, which reflects the overall stability and value of the real estate market in this region.
Renters make up 35.3% of the population, showing a substantial demand for rental properties and a good opportunity for landlords and small-portfolio investors.
The median household income in Highland Springs is $55,567, which can be considered when assessing the affordability of rental units for potential tenants.

The combination of a slightly higher market rent compared to the FMR, a significant portion of the population renting, and a stable median home value indicates that Highland Springs presents a solid investment opportunity for those interested in the rental market. The median income figure also supports the likelihood of sustained demand for rental properties within this price range. Landlords and small-portfolio investors should find these conditions favorable for generating steady rental income.

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.