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 | $1,300 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,870 | $677,693 | 0.28% | F |
| 4BR | $2,300 | $932,535 | 0.25% | F |
| 5BR | $2,668 | $1,339,328 | 0.2% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 23103, part of the Richmond, VA HUD Metro FMR Area, does not favor Section 8 participation. The Fair Market Rent (FMR) set at $1210 for fiscal year 2024 is higher than the average market rent of $990 reported by the Census ACS. This discrepancy suggests that landlords could potentially earn more by renting to non-subsidized tenants.
Acquisition of properties in ZIP 23103 is not particularly affordable. With a median home value of $788,622, purchasing homes here would be costly. The lack of available data on days on market (DOM) and the low percentage of homes requiring price cuts (0.2%) indicate a robust seller's market where homes are likely to sell quickly without significant discounts. This scenario makes it challenging for investors looking to acquire properties at a lower cost.
Tenant demand is limited in ZIP 23103. The area has a population of 6,922, with only 3.8% of residents being renters. Given this low renter share, finding eligible Section 8 tenants might prove difficult. The small pool of potential renters could lead to challenges in filling vacancies and maintaining occupancy rates.
In conclusion, ZIP 23103 presents several obstacles for Section 8 landlords and small-portfolio investors. The favorable FMR is offset by higher market rents, making it less attractive compared to renting to unsubsidized tenants. Property acquisition is expensive, and tenant demand is minimal due to the low proportion of residents who rent. These factors collectively suggest that investing in this ZIP code for Section 8 purposes is not advisable.
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.