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 | $1,710 |
| 1 Bedroom | $1,790 |
| 2 Bedrooms | $1,960 |
| 3 Bedrooms | $2,450 |
| 4 Bedrooms | $3,020 |
| 5 Bedrooms | $3,503 |
| 6 Bedrooms | $3,923 |
| 7 Bedrooms | $4,237 |
| 8 Bedrooms | $4,449 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,450 | $493,894 | 0.5% | F |
| 4BR | $3,020 | $704,072 | 0.43% | F |
| 5BR | $3,503 | $896,625 | 0.39% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 23146 stands at $119,583, positioning it as a relatively affluent area. However, when examining rental costs, the landscape shifts slightly. The market rate for rent, according to the Census ACS, is $1,441 per month. This figure represents a significant portion of the average household's income, especially considering that it only accounts for one aspect of overall living expenses.
In comparison, the Fair Market Rent (FMR) standard for voucher payments in ZIP 23146 for fiscal year 2024 is set at $1,790. This amount exceeds the current market rate, indicating that voucher holders could potentially offer more consistent and higher monthly payments compared to non-voucher tenants. Given the limited number of renters—only 6.4% of the total 3,451 population—the competition among landlords for securing tenants is likely to be intense.
The affordability gap between the median income and the market rate rent suggests that many households in 23146 might find it challenging to allocate a substantial portion of their earnings towards housing without compromising other essential expenditures. For landlords, this means that while cash-paying tenants may be numerous, they might struggle to meet the higher rents required to cover the costs of property maintenance and management. On the other hand, voucher tenants offer a guaranteed income stream that surpasses the market rate, providing a more stable financial situation for landlords.
Takeaway: Landlords in ZIP 23146 should consider prioritizing voucher tenants over cash-paying ones due to the higher and more reliable rent payments offered by vouchers. This strategy not only addresses the affordability concerns of potential renters but also ensures a steady revenue source for property owners in a competitive market.
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.