Location: Louisa County, 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 |
|---|---|---|---|---|
| 3BR | $1,870 | $448,321 | 0.42% | F |
| 4BR | $2,300 | $632,040 | 0.36% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 23153 are straightforward. The SAFMR (Standard Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP is set at $1360 per month for fiscal year 2024. Since there is no data available on the local market rent, we will focus on how the SAFMR interacts with the voucher system.
A Section 8 voucher is designed to cover the difference between what a low-income tenant can afford and the SAFMR. Typically, the tenant's portion is around 30% of their adjusted income. If the tenant's income is $1000 per month, their share would be $300, leaving the voucher to cover the remaining $1060 of the $1360 SAFMR. However, the actual reimbursement to the landlord is not just the difference but also includes utility allowances.
The utility allowance varies but is generally capped at a certain amount. For simplicity, let's assume it adds an additional $200 to the reimbursement. This brings the total voucher payment to $1260 ($1060 for rent plus $200 for utilities).
In ZIP 23153, landlords should expect a reimbursement gap if the local market rent exceeds the SAFMR. Conversely, if the market rent is below the SAFMR, landlords might receive a surplus. Given the lack of local market rent data, we cannot calculate the exact gap or surplus. However, based on the SAFMR of $1360 and assuming a typical utility allowance, landlords will receive a reimbursement of $1260 from the voucher program.
To illustrate, if a landlord charges the full SAFMR of $1360, they will face a reimbursement gap of $100 per month. If they charge less, say $1200, they will have a surplus of $60 per month. These figures are critical for understanding the financial implications of accepting Section 8 vouchers in ZIP 23153.
Landlords must also consider that the SAFMR is set specifically for this ZIP code, meaning it reflects the rental costs unique to this area. This specificity helps ensure that the reimbursement rates are relevant to the local housing market.
In summary, for a two-bedroom unit in ZIP 23153, landlords can expect a voucher reimbursement of $1260, which leaves a potential reimbursement gap of $100 when charging the full SAFMR of $1360. Adjusting the rent below the SAFMR can result in a surplus, benefiting landlords who choose to participate in the Section 8 program.
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.