Section 8 Fair Market Rent (FMR) for ZIP 23237 - 2027

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

Investment Score for ZIP 23237

Monthly Rent (2BR)

$1,550

Median Price (2BR)

$236,290

1% Rule

0.66%

Annual Yield

7.87%

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	$1,370
1 Bedroom	$1,420
2 Bedrooms	$1,550
3 Bedrooms	$1,910
4 Bedrooms	$2,350
5 Bedrooms	$2,726
6 Bedrooms	$3,053
7 Bedrooms	$3,297
8 Bedrooms	$3,462

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
2BR	$1,550	$236,290	0.66%	D
3BR	$1,910	$311,217	0.61%	D
4BR	$2,350	$379,429	0.62%	D
5BR	$2,726	$462,250	0.59%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

27,126

Median Household Income

$79,606

Housing Units

9,976

Renter Percentage

29.7%

Occupancy Rate

96.0%

Renter Occupied

2,841

Chesterfield, Virginia, located in ZIP code 23237, is a suburban area known for its blend of residential tranquility and proximity to urban amenities. This region offers a stable environment for real estate investments, particularly in the rental sector, due to its consistent demand and favorable economic indicators.

The Fair Market Rent (FMR) for Chesterfield, VA, for the fiscal year 2024 is set at $1,540, providing a benchmark for rental pricing that reflects the local housing market's affordability.
The Zillow Observed Rent Index (ZORI) indicates that the average market rent in ZIP 23237 stands at $1,792, suggesting that rental properties can command slightly above the FMR, enhancing potential returns for investors.
The median home value in this ZIP code is $325,286, which aligns with the broader trend of moderate to high property values in suburban Virginia.
Renters make up 29.7% of the population in Chesterfield, indicating a significant portion of residents who prefer renting over homeownership, thus supporting a robust rental market.
The days on market (DOM) for rental listings in this area is relatively low at 16 days, reflecting strong tenant demand and quick turnover of available units.
The median household income in ZIP 23237 is $79,606, which provides tenants with the financial stability necessary to meet rental obligations and supports a steady rental market.

Investors looking to enter the Chesterfield, VA, market should focus on rental properties given the substantial renter share and short days on market. With rental prices exceeding the FMR and median incomes supporting affordability, the area presents a viable opportunity for generating consistent cash flow. However, the median home value also suggests that purchasing homes for rental purposes may require a higher initial investment, balancing against the potential for long-term appreciation and rental income growth.

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.