Section 8 Fair Market Rent (FMR) for ZIP 23860 - 2027

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

Investment Score for ZIP 23860

Monthly Rent (2BR)

$1,490

Median Price (2BR)

$168,351

1% Rule

0.89%

Annual Yield

10.62%

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: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,490	$168,351	0.89%	C
3BR	$1,870	$234,519	0.8%	D
4BR	$2,300	$321,804	0.71%	D
5BR	$2,668	$404,876	0.66%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

31,404

Median Household Income

$62,141

Housing Units

12,355

Renter Percentage

36.8%

Occupancy Rate

89.9%

Renter Occupied

4,094

The ZIP code 23860, located in Hopewell, Virginia, is a modest suburban area that has seen steady growth in recent years. Its proximity to Richmond and Petersburg makes it attractive for both residents and investors looking to tap into a stable rental market.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 23860 for fiscal year 2024 is set at $1280.
The market rent, as measured by Zillow's ZORI index, stands at $1,270, closely aligning with the FMR.
The median home value in the area is $233,402, indicating a relatively affordable market for property acquisition.
Renters make up 36.8% of the population, suggesting a significant demand for rental properties.
The average Days on Market (DOM) for listings is 24 days, reflecting a competitive but not oversaturated market.
The median household income in ZIP 23860 is $62,141, providing insight into the economic profile of potential tenants.

The analysis of these data points reveals a balanced rental market in Hopewell, VA, where fair market rents and market rents are nearly identical, pointing to a well-functioning local economy. The median home value suggests that there is ample opportunity for investment without the risk of overpaying. With a substantial portion of the population renting, there is consistent demand for rental properties, and the quick turnover rate indicated by the DOM figure shows that properties are readily absorbed by the market. The median income provides assurance regarding the ability of residents to meet their rental obligations, making ZIP 23860 a reliable investment choice for landlords and small-portfolio investors.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.