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 | $1,600 |
| 1 Bedroom | $1,660 |
| 2 Bedrooms | $1,810 |
| 3 Bedrooms | $2,240 |
| 4 Bedrooms | $2,740 |
| 5 Bedrooms | $3,178 |
| 6 Bedrooms | $3,559 |
| 7 Bedrooms | $3,844 |
| 8 Bedrooms | $4,036 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,810 | $260,967 | 0.69% | D |
| 3BR | $2,240 | $336,036 | 0.67% | D |
| 4BR | $2,740 | $402,328 | 0.68% | D |
| 5BR | $3,178 | $462,490 | 0.69% | D |
U.S. Census Bureau data (2024)
The ZIP code 23228, located in Lakeside, VA, within the Richmond, VA HUD Metro FMR area, can serve as a cash-flow anchor in a Section 8 portfolio strategy. This designation is based on the financial metrics provided for the fiscal year 2024. The Fair Market Rent (FMR) for ZIP 23228 is set at $1610, which is very close to the market rent of $1,646. This narrow spread of just $36 suggests that properties in this area will be consistently occupied by tenants who receive Section 8 vouchers, thus providing stable cash flow.
The median home value in ZIP 23228 is $329,298. While this figure is indicative of the overall property values in the area, it's important to note that the FMR and market rent figures are more directly relevant to rental income. The slight premium of market rent over FMR ensures that landlords can maintain positive cash flow while still remaining competitive in the local rental market.
The low price-cut share of 0.2% indicates that there is little need to reduce rents to attract tenants, further supporting the cash-flow anchor hypothesis. Additionally, the 10-day Days on Market (DOM) statistic suggests that listings in this area are quickly filled, minimizing vacancy periods and ensuring steady income.
While the 48.2% renter share and median income of $70,260 are significant factors, they do not outweigh the strong case for ZIP 23228 as a cash-flow anchor. The high median income supports the ability of residents to contribute to their portion of the rent, enhancing the reliability of the cash flow. However, the primary focus for Section 8 landlords should be on the stability of the income stream, which ZIP 23228 provides through its alignment with FMR and quick occupancy rates.
In conclusion, ZIP 23228 is best suited as a cash-flow anchor within a Section 8 portfolio strategy due to its tight alignment between FMR and market rents, minimal need for price reductions, and rapid market absorption rates. These factors ensure consistent and reliable income generation, making it an ideal choice for landlords and small-portfolio investors seeking stability.
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.