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Chesterfield County/Midlothian/23114

23114

ZIPSAFMR
Chesterfield County, VA
Zillow

ZIP Investment Score

68Below average

095130300
BRFMR
Eff. Rent
0 BR$1,720$1,590
1 BR$1,790$1,600
2 BR$1,950$2,040
3 BR$2,410$2,190
4 BR$2,950$2,660
5 BR$3,392Not available
6 BR$3,901Not available
7 BR$4,487Not available
8 BR$5,160Not available

Purchase Price Calculator

Maximum purchase price
$241,227

Cost breakdown

+Likely effective rent$2,040
HUD FMR$1,950
Market rent$2,090
Est. payment standard (105%)Used$2,040
-Principal and interest-$1,220
Loan amount$192,981
Down payment$48,245
Rate6.50%
Term30 years
-Operating costs-$620
Property taxes-$241
Insurance-$175
Utilities$0
HOA$0
Management-$204
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$32,662(67.7% ROI)
Projected value
$259,775
Return breakdown
Property appreciation+$18,548
Loan principal paid down+$6,914
Rental cash flow+$7,200
5-year hold
+$56,029(116.1% ROI)
Projected value
$272,926
Return breakdown
Property appreciation+$31,699
Loan principal paid down+$12,330
Rental cash flow+$12,000
10-year hold
+$120,943(250.7% ROI)
Projected value
$308,791
Return breakdown
Property appreciation+$67,564
Loan principal paid down+$29,379
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.08
1 BR
1.12
2 BR
0.93
3 BR
1.10
4 BR
1.11
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 23114 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23114 (Midlothian, VA) is $1,950 a month. That is down 1.0% from $1,970 in FY 2026. Midlothian is in the Richmond, VA HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,651. Among 17 ZIP codes in Chesterfield County, 23114 has the 6th-highest two-bedroom rent (county range $1,490–$2,480). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23114 is 55% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23114
BedroomsFY 2027Change90–110% range
Studio$1,7200.0%$1,548–$1,892
1BR$1,7900.0%$1,611–$1,969
2BR$1,950−1.0%$1,755–$2,145
3BR$2,410−2.4%$2,169–$2,651
4BR$2,950−3.0%$2,655–$3,245

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23114
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,720$1,790$1,950$2,410$2,950
FY 2026$1,720$1,790$1,970$2,470$3,040
FY 2025$1,800$1,870$2,070$2,620$3,240
FY 2024$1,660$1,700$1,910$2,440$2,980
FY 2023$1,520$1,560$1,760$2,270$2,770

Two-bedroom rent in nearby Chesterfield County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23114
23112$1,990+2.1%
23113$2,020+3.6%
23114Current$1,950—
23120$2,480+27.2%
23224$1,490−23.6%
23225$1,630−16.4%
23234$1,520−22.1%
23235$1,900−2.6%
23236$2,020+3.6%
23237$1,550−20.5%
23297$1,810−7.2%
23803$1,490−23.6%

Questions about ZIP 23114 rents

How much will Section 8 pay for a two-bedroom in ZIP 23114?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,651, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,486 to $1,816 a month; under the ZIP-level Small Area FMR of $1,950 it would be $1,755 to $2,145. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 23114 in?

ZIP 23114 is in the Richmond, VA HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,651.

How much did fair market rent change in ZIP 23114 for FY 2027?

The two-bedroom FMR fell 1.0%, from $1,970 in FY 2026 to $1,950 in FY 2027. Since FY 2023 it has risen 10.8%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentMidlothian, VA fair market rentVA statewide rentsWhat is SAFMR?Data sources