Location: Louisa County, 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 | $970 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,140 | $288,175 | 0.4% | F |
| 3BR | $1,560 | $433,215 | 0.36% | F |
| 4BR | $1,760 | $668,588 | 0.26% | F |
| 5BR | $2,042 | $1,202,831 | 0.17% | F |
U.S. Census Bureau data (2024)
The median household income in ZIP 23117, Mineral, VA, stands at $89,241. Considering the market rate for rent is $992 according to Census ACS data, it becomes evident that a significant portion of the population would struggle to cover their housing costs without financial assistance. This disparity highlights an affordability gap where the average renter's budget falls short of the market rate.
In comparison, the Federal Market Rent (FMR) for ZIP 23117 in fiscal year 2024 is set at $1220. This standard represents the maximum amount that Section 8 vouchers will pay towards rent, which is notably higher than the current market rate. However, the actual out-of-pocket expense for a tenant could still be challenging given their median income.
With only 10.3% of the population being renters and a total population of 10,480, the competition among landlords is relatively low. This means that those who do rent have fewer options, potentially giving landlords more leverage in terms of setting rental rates. Yet, the challenge remains in attracting tenants who can meet the market rate or finding those with vouchers willing to pay the difference between the FMR and the actual market rate.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. While the FMR offers a higher ceiling for rental payments, relying on voucher recipients might limit the pool of potential tenants. Landlords should weigh the benefits of guaranteed payments against the possibility of having to accept lower rents or waiting longer for a tenant who can afford the market rate without assistance.
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.