Location: Richmond, VA | Metro: Richmond, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,190 |
| 1 Bedroom | $2,280 |
| 2 Bedrooms | $2,480 |
| 3 Bedrooms | $3,060 |
| 4 Bedrooms | $3,750 |
| 5 Bedrooms | $4,350 |
| 6 Bedrooms | $4,872 |
| 7 Bedrooms | $5,262 |
| 8 Bedrooms | $5,525 |
U.S. Census Bureau data (2024)
23120's Fair Market Rent (FMR) for zip code FY 2024 is set at $2300, providing a benchmark for rental pricing in the area. $2,623 is the reported market rent based on Census ACS data, indicating that landlords can expect to charge slightly above the FMR to remain competitive. With a median home value of $602,950, the neighborhood is relatively affluent, but only 4.0% of residents are renters, suggesting a smaller pool of potential Section 8 tenants. The median income of $158,667 further underscores the economic profile of the area, where most households earn well above the income limits for Section 8 eligibility. Landlords should note that properties typically spend 21 days on the market before securing a tenant, reflecting a moderate demand environment. Additionally, only 0.3% of listings experience price cuts, which implies that once listed at an appropriate price, properties are likely to be rented without needing adjustments. Based on these figures, the verdict for Section 8 participation in 23120 is that it offers limited opportunities due to the high median income and low renter share.
Data Sources: FMR data from HUD (2027). 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.