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 analysis of ZIP code 23222 in Richmond, VA, reveals a market that offers a balance between yield and stability. The Fair Market Rent (FMR) for 2024 is set at $1,280, while the market rent stands at $1,729. This indicates a potential rental yield of approximately 44% above the FMR, which is favorable for investors seeking higher returns.
However, the stability metrics suggest a somewhat moderate risk profile. With 42.3% of residents being renters, the area has a decent tenant base but not an overwhelming one. The average Days on Market (DOM) for rental listings is 34 days, indicating a reasonable vacancy period but not exceptionally low. Furthermore, the median household income of $61,345 suggests that tenants may have limited financial cushion, potentially affecting rent payment consistency.
The median home value in the area is $276,030, which is relatively affordable compared to other parts of the country. This can attract both long-term residents and short-term investors looking to flip properties. However, the combination of a moderate rental yield and a slightly higher risk of tenant instability places this ZIP code closer to a steady-cashflow zone rather than a high-yield/low-stability flip-style market.
To summarize, ZIP 23222 offers a solid rental yield with a market rent of $1,729, which is significantly higher than the FMR of $1,280. However, the stability factors—such as the percentage of renters, the DOM, and the median income—suggest a more cautious approach, making it a zone suitable for steady cash flow rather than rapid property flipping.
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.