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 | $1,540 |
| 1 Bedroom | $1,610 |
| 2 Bedrooms | $1,750 |
| 3 Bedrooms | $2,160 |
| 4 Bedrooms | $2,650 |
| 5 Bedrooms | $3,074 |
| 6 Bedrooms | $3,443 |
| 7 Bedrooms | $3,718 |
| 8 Bedrooms | $3,904 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,610 | $275,681 | 0.58% | F |
| 2BR | $1,750 | $409,284 | 0.43% | F |
U.S. Census Bureau data (2024)
The Section 8 program in ZIP code 23219, located in Richmond, VA, presents a unique scenario for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area is set at $1550 for fiscal year 2024, while the actual market rent, as measured by the Zillow Observed Rent Index (ZORI), stands at $1581. This creates a gap of $31, which represents approximately 2% of the market rent.
In this context, where the FMR is less than the market rent, landlords must consider the cost of accepting housing voucher tenants who pay below the open-market rates. The $31 difference might seem insignificant, but it can add up over time, affecting overall rental yields. However, the benefits of a stable and government-backed income stream should also be weighed against the potential loss.
Richmond, VA, has a significant rental population, with 91.5% of residents renting their homes. The median home value in the area is $357,090, and the median income is $57,507. These figures indicate that there is a strong demand for affordable housing, which makes the Section 8 program particularly relevant for many tenants.
While the FMR is slightly lower than the market rate, the high percentage of renters in Richmond suggests that there will likely be a steady pool of potential voucher holders looking for accommodation. Landlords can use this opportunity to fill vacancies quickly and maintain consistent cash flow, despite the slight reduction in rental income compared to market rates. Additionally, the government subsidy ensures timely payments, reducing the risk of delinquency or vacancy periods.
To summarize, the $31 gap between the FMR and the market rent in ZIP 23219 is a minor factor when considering the broader implications for landlords. The Section 8 program offers a reliable tenant base in a city where renting is the primary form of housing. Despite the reduced yield, the stability and security provided by the program make it a viable option for property owners seeking long-term, predictable returns.
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.