Section 8 Fair Market Rent (FMR) for ZIP 23830 - 2027

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

Investment Score for ZIP 23830

N/A

Monthly Rent (2BR)

$1,490

Median Price (2BR)

$N/A

1% Rule

Annual Yield

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	$1,300
1 Bedroom	$1,360
2 Bedrooms	$1,490
3 Bedrooms	$1,870
4 Bedrooms	$2,300
5 Bedrooms	$2,668
6 Bedrooms	$2,988
7 Bedrooms	$3,227
8 Bedrooms	$3,388

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
3BR	$1,870	$334,762	0.56%	F
4BR	$2,300	$437,227	0.53%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,412

Median Household Income

$118,030

Housing Units

676

Renter Percentage

8.0%

Occupancy Rate

95.9%

Renter Occupied

The ZIP code 23830, located in Williamsburg, Virginia, offers a unique blend of historical charm and modern living, making it an attractive location for both residents and investors. The area is known for its well-preserved colonial architecture and proximity to educational institutions such as the College of William & Mary, which influences the local rental market.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 23830 for fiscal year 2024 is set at $1210, providing a benchmark for rental pricing in the area.
While specific data on market rent is currently unavailable, the high median income of $118,030 suggests a strong demand for quality rentals.
The median home value in the area stands at $341,778, indicating a stable housing market that can support investment properties.
Renters make up 8.0% of the population, showing a smaller but still significant rental market compared to other areas.
The lack of available data on days on market (DOM) means investors must rely on other metrics to gauge property performance, though the high median income could imply faster sales or rentals.
A median income of $118,030 suggests that residents have the financial capacity to afford higher rents, potentially leading to better occupancy rates and rental income stability.

In summary, ZIP 23830 presents a balanced opportunity for real estate investment, particularly in rental properties. The relatively high median income supports the potential for robust rental demand, even with a lower renter share. The established Fair Market Rent provides a solid baseline for setting competitive rental prices. Landlords and small-portfolio investors should focus on maintaining quality properties to attract tenants willing to pay premium rents, given the area's affluent demographic and historical appeal.

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.