FMR is below market; voucher rent may lag private rents.
0.86
1 BR
1 BR
0.90ratio
FMR$1,610
Market$1,780
vs market-$170
FMR is near market; voucher and private rents are aligned.
0.90
2 BR
2 BR
0.87ratio
FMR$1,750
Market$2,010
vs market-$260
FMR is below market; voucher rent may lag private rents.
0.87
3 BR
3 BR
0.95ratio
FMR$2,160
Market$2,270
vs market-$110
FMR is near market; voucher and private rents are aligned.
0.95
4 BR
4 BR
1.15ratio
FMR$2,650
Market$2,300
vs market+$350
FMR is above market; underwrite to market rent.
1.15
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
ZIP 23162 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23162 (Studley, VA) is $1,750 a month. That is up 1.2% from $1,730 in FY 2026. Studley 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 15 ZIP codes in Hanover County, 23162 has the 5th-highest two-bedroom rent (county range $1,260–$2,280). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23162 is 39% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 23162
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,510
$1,540
+2.0%
$1,386–$1,694
1BR
$1,580
$1,610
+1.9%
$1,449–$1,771
2BR
$1,730
$1,750
+1.2%
$1,575–$1,925
3BR
$2,170
$2,160
−0.5%
$1,944–$2,376
4BR
$2,670
$2,650
−0.7%
$2,385–$2,915
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 23162
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,540
$1,610
$1,750
$2,160
$2,650
FY 2026
$1,510
$1,580
$1,730
$2,170
$2,670
FY 2025
$1,570
$1,630
$1,800
$2,280
$2,820
FY 2024
$1,400
$1,430
$1,610
$2,060
$2,520
FY 2023
$1,220
$1,250
$1,410
$1,820
$2,220
Two-bedroom rent in nearby Hanover County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 23162?
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 $1,750 it would be $1,575 to $1,925. 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 23162 in?
ZIP 23162 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 23162 for FY 2027?
The two-bedroom FMR rose 1.2%, from $1,730 in FY 2026 to $1,750 in FY 2027. Since FY 2023 it has risen 24.1%.
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