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 | $1,510 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,720 |
| 3 Bedrooms | $2,130 |
| 4 Bedrooms | $2,610 |
| 5 Bedrooms | $3,028 |
| 6 Bedrooms | $3,391 |
| 7 Bedrooms | $3,662 |
| 8 Bedrooms | $3,845 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,720 | $413,250 | 0.42% | F |
| 3BR | $2,130 | $418,627 | 0.51% | F |
| 4BR | $2,610 | $491,888 | 0.53% | F |
U.S. Census Bureau data (2024)
The ZIP code 23124, located in the New Kent, VA, Richmond, VA HUD Metro FMR Area, serves as an ideal cash-flow anchor for a Section 8 portfolio strategy. The Fair Market Rent (FMR) for FY 2024 stands at $1450, which provides a stable and predictable income stream. This stability is crucial for balancing out the volatility that can come with other types of investments.
The median home value in ZIP 23124 is $439,001, indicating a relatively high property value area. However, the lack of market rental data suggests that there might be limited competition in the rental sector, making it easier to attract tenants who qualify for Section 8 vouchers. The guaranteed rental income from the Section 8 program, pegged at $1450 per month, ensures that landlords and small-portfolio investors can rely on consistent cash flow without the risk of vacancy or non-payment common in traditional rental markets.
ZIP 23124's low price-cut share of 0.2% and undefined days on market (DOM) further support its role as a cash-flow anchor. These metrics imply that properties in this area maintain their value and are likely to remain in demand, even if they are not rapidly turning over. The 2.2% renter share indicates a smaller proportion of renters compared to homeowners, but the median income of $132,060 suggests that residents have the financial capacity to afford higher rents outside of the voucher program, should the need arise.
In conclusion, ZIP 23124 offers a secure and reliable investment option for those looking to stabilize their rental income through a Section 8 portfolio. The combination of a defined FMR and a high median home value makes it a strong choice for investors seeking steady cash flow with minimal risk.
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.