Section 8 Fair Market Rent (FMR) for ZIP 23884 - 2027

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

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

Median Household Income

$N/A

Housing Units

Renter Percentage

N/A

Occupancy Rate

N/A

Renter Occupied

The classification of ZIP 23884 hinges on specific figures related to rental markets, housing values, and economic stability. The Fair Market Rent (FMR) for ZIP 23884 in fiscal year 2024 is set at $1250 for a single family home, according to HUD standards. This figure represents the yield potential for landlords and small-portfolio investors.

Data on median household income for ZIP 23884 is available through the U.S. Census Bureau, though specific figures are not directly provided in the search results. However, understanding the income-to-rent ratio is crucial for assessing stability. For instance, in Bristol, UK, private renters faced costs that were 46.9% of their median household income in 2018, indicating an unaffordable market. A similar high percentage would suggest low stability in ZIP 23884 due to rent being a significant portion of household income.

ZIP 23884's rental market does not provide specific percentages of renters or days on market (DOM) figures in the available data. Without these details, it's challenging to fully assess the stability of the market. However, the FMR of $1250 provides a baseline for expected rental income, which can be compared against market rates to determine if it leans towards high-yield or steady-cashflow zones.

To classify ZIP 23884, consider the following:

Yield: The FMR of $1250 suggests a moderate yield potential. If market rates align closely with this figure, it indicates a steady-cashflow zone. If market rates significantly exceed this amount, it could signal a high-yield but potentially riskier investment environment.
Stability: Without precise figures on the percentage of renters, DOM, and median income, the stability cannot be definitively assessed. However, areas where rent constitutes a large percentage of household income tend to exhibit lower stability.

The absence of detailed market and home value data prevents a conclusive classification. To make a more informed decision, seek out additional local real estate reports or consult with a local realtor to understand the current trends and stability indicators in ZIP 23884.

Data Sources: FMR data from HUD (2027). 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.