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 | $1,800 |
| 1 Bedroom | $1,870 |
| 2 Bedrooms | $2,040 |
| 3 Bedrooms | $2,520 |
| 4 Bedrooms | $3,090 |
| 5 Bedrooms | $3,584 |
| 6 Bedrooms | $4,014 |
| 7 Bedrooms | $4,335 |
| 8 Bedrooms | $4,552 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,040 | $383,731 | 0.53% | F |
| 3BR | $2,520 | $528,764 | 0.48% | F |
| 4BR | $3,090 | $820,409 | 0.38% | F |
| 5BR | $3,584 | $2,042,592 | 0.18% | F |
U.S. Census Bureau data (2024)
The ZIP code 23226 in Richmond, VA, falls within the Richmond, VA HUD Metro Fair Market Rent (FMR) area. For a Section 8 real-estate portfolio strategy, 23226 is best categorized as an appreciation play. This designation is supported by specific data points.
The HUD FMR for a 2-bedroom unit in ZIP 23226 for fiscal year 2024 is set at $2,010. Comparatively, the market rent for a similar unit is $2,161, indicating that the market slightly exceeds the FMR. However, the key factor in identifying 23226 as an appreciation play lies in its low price-cut share and days on market (DOM).
The 0.1% price-cut share suggests that properties in this area are rarely discounted, implying strong demand and a competitive rental market. Additionally, the 7-day DOM indicates that listings move quickly once they hit the market. These factors point to a robust local economy where property values are likely to appreciate over time, making 23226 an ideal location for long-term investment focused on capital gains.
While the median income in 23226 is $126,655, which is relatively high, the renter share stands at 25.8%. This combination suggests a diverse tenant pool, but the primary focus should be on the potential for appreciation rather than income diversification. The median home value of $580,717 further underscores the potential for significant capital growth, given the current trends and economic conditions in the area.
In conclusion, ZIP 23226 is best suited as an appreciation play within a Section 8 portfolio strategy due to its low price-cut share, quick turnover rate, and high median home value. Landlords and small-portfolio investors should consider this area for investments aimed at long-term capital appreciation.
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.