Section 8 Fair Market Rent (FMR) for ZIP 23230 - 2027

Location: Richmond, VA | Metro: Richmond, VA HUD Metro FMR Area

Investment Score for ZIP 23230

Monthly Rent (2BR)

$1,840

Median Price (2BR)

$395,430

1% Rule

0.47%

Annual Yield

5.58%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,620
1 Bedroom	$1,690
2 Bedrooms	$1,840
3 Bedrooms	$2,270
4 Bedrooms	$2,790
5 Bedrooms	$3,236
6 Bedrooms	$3,624
7 Bedrooms	$3,914
8 Bedrooms	$4,110

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,690	$212,835	0.79%	D
2BR	$1,840	$395,430	0.47%	F
3BR	$2,270	$441,613	0.51%	F
4BR	$2,790	$439,376	0.63%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

8,910

Median Household Income

$74,763

Housing Units

5,651

Renter Percentage

65.9%

Occupancy Rate

92.8%

Renter Occupied

3,454

ZIP code 23230, located in Henrico, VA, falls within the broader Richmond, VA HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1,610. This compares to an average market rent of $1,809 and a median home value of $416,874. The renter share in this ZIP code is notably high at 65.9%.

To contextualize these figures within the Richmond, VA HUD Metro FMR Area, we must consider the implications of each metric:

The FMR of $1,610 is slightly below the average market rent of $1,809. This suggests that 23230 could be a more affordable option for renters within the larger Richmond market.
A median home value of $416,874 is lower than the typical home values seen across the Richmond area, which can vary but are generally higher. This indicates that 23230 might represent a value pocket for real estate investments, offering properties at a relatively lower price point compared to the rest of the metro.
The high renter share of 65.9% contrasts sharply with the lower home values, suggesting a significant portion of the population relies on rental housing. High renter shares combined with below-average home values can indicate a potential sweet spot for Section 8 housing opportunities.

In summary, ZIP 23230 appears to be a value pocket within the Richmond, VA HUD Metro FMR Area. It offers lower FMRs and home values relative to the broader market, while maintaining a high proportion of renters. This combination makes it particularly attractive for landlords and small-portfolio investors looking to leverage Section 8 programs for stable, long-term rental income.

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.