Location: Richmond, VA | Metro: Richmond, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,400 |
| 1 Bedroom | $1,460 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $1,960 |
| 4 Bedrooms | $2,410 |
| 5 Bedrooms | $2,796 |
| 6 Bedrooms | $3,132 |
| 7 Bedrooms | $3,383 |
| 8 Bedrooms | $3,552 |
The ZIP code 23261 is located in the city of Richmond, Virginia. The specific demographic details for this area are currently unavailable, including the exact population, percentage of renters, median income, and median home value.
However, the Fair Market Rent (FMR) for ZIP 23261 is set at $1460 for fiscal year 2024. This figure represents the average rent for a standard unit of housing suitable for occupancy by a family of four. Without precise data on market rents, it's challenging to compare the FMR against local rental prices directly.
Given the limited data available, ZIP 23261 would likely suit a hands-off voucher operator rather than a hands-on value-add buyer. The presence of Section 8 vouchers can stabilize rental income and reduce vacancy rates, making it an attractive option for landlords who prefer passive management. For small-portfolio investors looking to minimize active involvement, this area offers a reliable source of rental income through the FMR. However, for those interested in actively improving properties and potentially increasing their value, more detailed local market data would be necessary to make informed decisions.
Data Sources: FMR data from HUD (2027).
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.