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 | $1,300 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,490 | $238,811 | 0.62% | D |
| 3BR | $1,870 | $311,236 | 0.6% | D |
| 4BR | $2,300 | $372,303 | 0.62% | D |
| 5BR | $2,668 | $493,961 | 0.54% | F |
U.S. Census Bureau data (2024)
ZIP code 23150, located in Sandston, VA, falls within the Richmond, VA HUD Metro FMR Area. The Family Monthly Rent (FMR) for this area is set at $1410 for fiscal year 2024, which is significantly lower than the market rent of $1,995. This discrepancy indicates that landlords in 23150 can potentially attract tenants through the Section 8 housing choice voucher program, given the gap between FMR and market rates.
The median home value in ZIP 23150 is $316,108, which aligns closely with typical home values found across the Richmond, VA HUD Metro FMR Area. However, the renter share in 23150 stands at 24.6%, a figure that is notably higher than the average for the broader Richmond area. This high percentage of renters combined with below-market home values suggests that 23150 could be a particularly attractive location for landlords participating in the Section 8 program.
Comparatively, ZIP 23150 can be classified as a mid-tier neighborhood within its metro area. While it doesn't have the lowest home values, the significant disparity between FMR and market rents makes it a value pocket for Section 8 tenants. Landlords can benefit from this arrangement by maintaining higher occupancy rates due to the appeal of subsidized housing options in an area where rents otherwise exceed the FMR.
To summarize, the combination of a reasonable median home value, a high renter share, and a substantial difference between market rents and FMRs positions 23150 as a promising sub-market for Section 8 participation. It offers landlords a balance between investment security and accessibility for low-income tenants seeking affordable housing solutions.
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.