Location: Richmond, VA | Metro: Richmond, VA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,840 | $326,224 | 0.56% | F |
| 3BR | $2,270 | $343,501 | 0.66% | D |
| 4BR | $2,790 | $415,995 | 0.67% | D |
| 5BR | $3,236 | $482,083 | 0.67% | D |
U.S. Census Bureau data (2024)
The potential risks for a Section 8 landlord in ZIP code 23831 in Chester, VA, must be carefully considered before investing. First, tenant turnover can be a significant issue. The market rent in this area is $1,739, while the Fair Market Rent (FMR) for FY 2024 is set at $1,710. This slight discrepancy suggests that landlords may face challenges in attracting tenants who qualify for Section 8 vouchers, leading to higher turnover rates.
Vacancy exposure is another concern. With an average Days on Market (DOM) of just 12 days, landlords might assume they will have little trouble filling vacancies. However, this figure does not necessarily reflect the specific challenges faced by Section 8 landlords, who may find it harder to attract qualified tenants quickly due to voucher restrictions and limited income levels.
Deferred maintenance is also a critical factor. The typical home value in ZIP 23831 is $379,620, but the median household income is only $95,750. This disparity indicates that many residents may struggle to afford necessary repairs and maintenance, which could lead to higher maintenance costs for landlords if they must cover these expenses themselves.
Despite these risks, there are mitigating factors that make ZIP 23831 attractive for Section 8 investments. The renter share of the population is 27.9%, which is relatively high. This high concentration of renters often translates into greater demand for housing vouchers, providing a steady stream of potential tenants.
In conclusion, the risks associated with Section 8 investments in ZIP 23831 are moderate, primarily due to the challenges of tenant turnover and deferred maintenance, but offset by the high renter share which supports consistent demand.
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.