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 | $1,300 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,870 | $223,426 | 0.84% | C |
| 4BR | $2,300 | $280,032 | 0.82% | C |
U.S. Census Bureau data (2024)
The ZIP code 23882, located within the Richmond, VA HUD Metro FMR Area, has a Fair Market Rent (FMR) of $1210 for fiscal year 2024. This figure represents the benchmark set by HUD for determining eligibility for housing assistance programs such as Section 8. In comparison to other ZIP codes within the Richmond, VA HUD Metro FMR Area, where the average FMR is higher, 23882 stands out as having a lower threshold, making it potentially attractive for tenants seeking rental assistance.
The market rent for 23882 is recorded at $633, which is significantly lower than its FMR. This suggests that landlords in this area might have an opportunity to increase rents without exceeding the FMR limit, thereby attracting more tenants who qualify for Section 8 vouchers. However, it also indicates that the current rental market price is below what HUD considers fair, possibly due to economic conditions or supply-demand dynamics unique to this ZIP code.
The median home value in 23882 is $190,700. This is notably lower than the average home value across the Richmond, VA HUD Metro FMR Area, which typically exceeds this amount. Lower home values can make properties more accessible for first-time buyers or those looking for affordable investment opportunities, but they also suggest that the area may be less desirable or have different characteristics compared to higher-value neighborhoods.
The renter share in 23882 is 19.9%, which is a significant portion of the population. When combined with the lower-than-average home values, this could indicate that the area is particularly suited for Section 8 tenants. High renter share percentages with relatively low home values often signal a sweet spot for Section 8 investments, as there is a greater likelihood of finding eligible tenants.
In summary, ZIP 23882 appears to be a value pocket within the Richmond, VA HUD Metro FMR Area. Its lower FMR, market rent, and home values, coupled with a substantial renter share, suggest that it offers good potential for landlords and small-portfolio investors interested in Section 8 properties. The area's characteristics align well with the needs of tenants relying on rental assistance, making it a strategic location for such investments.
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.