Location: Richmond, VA | Metro: Richmond, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,300 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,300 |
| 5 Bedrooms | $2,668 |
| 6 Bedrooms | $2,988 |
| 7 Bedrooms | $3,227 |
| 8 Bedrooms | $3,388 |
U.S. Census Bureau data (2024)
The ZIP code 23147 presents a unique challenge for both renters and landlords due to the lack of available data on median income and market rental rates. However, based on the Fair Market Rent (FMR) set at $1210 for fiscal year 2024, we can infer some critical points regarding affordability and competition.
Given the FMR of $1210, it serves as a benchmark for what the government deems affordable for low-income households. This figure is crucial for those receiving housing vouchers under the Section 8 program. Since the market rate is listed as N/A, landlords must consider whether setting their rents at or below the FMR will attract tenants while still covering costs and providing a reasonable profit margin.
The population of 22 individuals and the reported 0.0% renters suggest that the area might be predominantly owner-occupied or has very few rental units. This implies a low level of competition among landlords for rental properties. The scarcity of rental units could work in favor of landlords, as it reduces direct competition for tenants.
However, the absence of median income data complicates assessing the overall financial health and spending power of potential residents. Without this information, landlords should be cautious about pricing too high above the FMR, as it could deter voucher holders who form a significant portion of the rental market in areas with limited economic data.
Takeaway: For landlords in ZIP 23147, focusing on accommodating Section 8 voucher holders with rents set around the FMR of $1210 is likely the most prudent strategy given the low competition and the unknowns regarding local incomes. This approach ensures compliance with federal standards and aligns with the needs of the local tenant pool, maximizing occupancy rates and stability in a thinly populated rental market.
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.