Location: Richmond, VA | Metro: Richmond, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,400 |
| 1 Bedroom | $1,460 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $1,960 |
| 4 Bedrooms | $2,410 |
| 5 Bedrooms | $2,796 |
| 6 Bedrooms | $3,132 |
| 7 Bedrooms | $3,383 |
| 8 Bedrooms | $3,552 |
1460 FMR (Fair Market Rent) for ZIP 23218 in FY 2024 indicates that the maximum monthly rent for a two-bedroom apartment under the Section 8 program is set at this amount. Despite the lack of specific market rent data, the FMR serves as a benchmark for assessing rental affordability in the area.
According to recent data, 24% of properties in ZIP 23218 are at risk of severe flooding over the next 30 years, highlighting a significant natural hazard concern for landlords and investors. This flood risk is higher than the national average, which could affect insurance costs and property values.
There is no specific information available regarding the median home value, renter share, median income, days on market, or price-cut share for ZIP 23218. However, the overall climate risk, particularly the flood risk, suggests that investors should consider these factors when evaluating potential investments in the area.
The severe risk of flooding in 23218 underscores the importance of understanding local environmental risks before committing to real estate investments. Landlords and investors must weigh this against the potential returns and demand for rental properties in the area.
Verdict: The high flood risk in ZIP 23218 poses a significant challenge for Section 8 investors, despite the defined FMR. Environmental considerations should heavily influence investment decisions.
Data Sources: FMR data from HUD (2027).
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.