Location: Richmond, VA | Metro: Richmond, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,630 |
| 1 Bedroom | $1,700 |
| 2 Bedrooms | $1,850 |
| 3 Bedrooms | $2,280 |
| 4 Bedrooms | $2,800 |
| 5 Bedrooms | $3,248 |
| 6 Bedrooms | $3,638 |
| 7 Bedrooms | $3,929 |
| 8 Bedrooms | $4,125 |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP code 23284 in the Richmond, VA HUD Metro FMR Area is set at $1,460 for the fiscal year 2024. This figure is lower than the market rent of $1,625 reported by the Census ACS data, indicating that landlords participating in the Section 8 program will likely experience marginal cash flow when renting properties at the HUD FMR. The difference between the HUD FMR and the market rent suggests that landlords might need to seek out premium units or negotiate higher rents to fully cover their expenses and maintain profitability.
The median home value in ZIP code 23284 is not available, which means we cannot calculate a precise rent-to-price ratio. However, the absence of this data implies that there may be limited residential property sales activity in the area, making it difficult to assess the overall housing market's health through traditional metrics. Despite this limitation, the disparity between the HUD FMR and market rent provides insight into the rental market's dynamics, suggesting that voucher tenants may not cover all costs without some form of subsidy or additional income sources.
The median Days on Market (DOM) and the percentage of homes that have had their prices cut are also not available. These metrics would typically help investors understand how quickly homes sell and if there is pressure to reduce asking prices, which could affect both the rental and purchase markets. In the absence of these figures, it's important to rely on other indicators such as rental vacancy rates and local economic trends to gauge the strength of the rental market versus the buying market.
The strongest angle for investors in ZIP code 23284 is likely to be stability. Given the established Section 8 program and the consistent demand for affordable housing, investors can expect steady, reliable cash flow even if it is slightly below market rates. This stability is particularly attractive for small-portfolio investors looking for predictable returns rather than speculative gains.
Data Sources: FMR data from HUD (2027). 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.