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 | $1,530 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,140 |
| 4 Bedrooms | $2,620 |
| 5 Bedrooms | $3,039 |
| 6 Bedrooms | $3,404 |
| 7 Bedrooms | $3,676 |
| 8 Bedrooms | $3,860 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,730 | $303,914 | 0.57% | F |
| 3BR | $2,140 | $414,219 | 0.52% | F |
| 4BR | $2,620 | $594,417 | 0.44% | F |
| 5BR | $3,039 | $727,511 | 0.42% | F |
U.S. Census Bureau data (2024)
Chesterfield County ZIP code 23838 is characterized by a relatively low rental rate among its 17,686 residents, with only 4.1% living in rented properties. The median household income in this area is robust at $134,651, reflecting a strong economic base. The median home value stands at $563,781, indicating that homeownership is a significant factor in the local economy.
The voucher economics in ZIP 23838 present an interesting opportunity for landlords. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $2,100, which is notably lower than the market rent of $2,750 as reported by the Census Bureau's American Community Survey (ACS). This discrepancy means that landlords can still achieve a reasonable profit margin while participating in the Section 8 program.
Based on the data signature, ZIP 23838 appears to be a stable area. The high median income and home values suggest a solid financial foundation among residents, and the low rental rate indicates a preference for homeownership over renting. However, the gap between the FMR and market rent presents a transitional aspect within the rental sector, where landlords can leverage the Section 8 program to attract tenants without significantly compromising their rental income goals.
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.