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 | $1,780 |
| 1 Bedroom | $1,860 |
| 2 Bedrooms | $2,020 |
| 3 Bedrooms | $2,490 |
| 4 Bedrooms | $3,060 |
| 5 Bedrooms | $3,550 |
| 6 Bedrooms | $3,976 |
| 7 Bedrooms | $4,294 |
| 8 Bedrooms | $4,509 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,020 | $280,223 | 0.72% | D |
| 3BR | $2,490 | $458,228 | 0.54% | F |
| 4BR | $3,060 | $705,767 | 0.43% | F |
| 5BR | $3,550 | $930,365 | 0.38% | F |
U.S. Census Bureau data (2024)
The dynamics of the Midlothian, VA market, represented by ZIP code 23113, indicate a scenario where demand is likely outpacing supply. This inference is drawn from several key metrics. The Fair Market Rent (FMR) for the area is set at $1820 for fiscal year 2024, while the actual market rent, measured by Zillow's ZORI, stands at $2,024. This suggests that landlords can command rents above the government-set benchmark, indicative of a robust rental market.
A further clue lies in the low 0.1% price-cut share and the short 5-day days on market (DOM). These figures imply that properties listed for rent or sale are moving quickly, without the need for significant price adjustments, which is characteristic of a market where demand exceeds supply. Additionally, the median home value in the area is $710,459, reflecting a stable and potentially growing residential market.
The 20.1% renter share also provides insight into the long-term housing pressures in Midlothian. A higher percentage of renters often signals a market with increasing housing costs, making homeownership less accessible for some residents. This dynamic can create sustained demand for rental properties, benefiting landlords and small-portfolio investors who can capitalize on the steady flow of tenants seeking affordable housing options. The presence of a sizeable rental market also suggests a diverse demographic, including young professionals, families, and possibly retirees, all contributing to a vibrant and active real estate environment.
In summary, the current snapshot of ZIP 23113 reveals a market where demand is strong, evidenced by high rental rates and quick property turnover. The substantial renter share points to ongoing housing challenges that could maintain this demand over the long term, making it an attractive area for investment in rental properties.
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.