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 | $1,320 |
| 1 Bedroom | $1,380 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,300 |
| 5 Bedrooms | $2,668 |
| 6 Bedrooms | $2,988 |
| 7 Bedrooms | $3,227 |
| 8 Bedrooms | $3,388 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,500 | $261,467 | 0.57% | F |
| 3BR | $1,870 | $336,825 | 0.56% | F |
| 4BR | $2,300 | $388,158 | 0.59% | F |
| 5BR | $2,668 | $465,456 | 0.57% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP code 23875, part of the Prince George, VA, Richmond, VA HUD Metro FMR Area, does not align perfectly but offers a reasonable margin. The Fair Market Rent (FMR) for the area is set at $1520 for fiscal year 2024, while the actual market rent, as indicated by ZORI, stands at $1,401. This suggests that landlords can charge slightly below the FMR threshold and still remain competitive in the local rental market.
Acquisition in this area is moderately affordable. With a median home value of $345,809, purchasing a property is within reach for many investors. However, the lack of available data on days on market (DOM) and the percentage of homes that have been discounted indicates an uncertainty regarding how quickly properties sell and at what price point. This makes it challenging to assess the overall affordability of acquiring new properties without additional context.
Tenant demand in ZIP 23875 is steady, supported by a population of 13,029 residents, with 26.6% of them being renters. This implies a consistent pool of potential tenants who are looking for housing in the area. Given the relatively low market rent compared to the FMR, there should be enough demand to fill vacancies promptly.
Verdict: In ZIP 23875, the rent math supports a viable investment strategy, with market rents slightly lower than the FMR, providing both a competitive edge and the potential for government assistance through programs like Section 8. Acquisition costs are reasonable, though the absence of detailed sales data complicates a full assessment of the market's liquidity. Tenant demand is strong, driven by a significant portion of the population choosing to rent, ensuring a steady flow of prospective tenants. Overall, the area presents a balanced opportunity for landlords and small-portfolio investors, contingent upon the ability to navigate the nuances of property acquisition in the absence of comprehensive sales metrics.
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.