Richmond City/Richmond/23225

23225

ZIPSAFMR

Richmond City, VA

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ZIP Investment Score

105Above average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,440	$1,300	3.2%
1 BR	$1,500	$1,470	3.6%
2 BR	$1,630	$1,710	2.6%
3 BR	$2,010	$2,110	1.4%
4 BR	$2,470	$2,380	1.5%
5 BR	$2,841	Not available	1.5%
6 BR	$3,267	Not available	1.5%
7 BR	$3,757	Not available	1.5%
8 BR	$4,320	Not available	1.5%

Purchase Price Calculator

Maximum purchase price

$192,189

Cost breakdown

+Likely effective rent$1,710

HUD FMR$1,630

Market rent$1,750

Est. payment standard (105%)Used$1,710

-Principal and interest-$972

Loan amount$153,751

Down payment$38,438

Rate6.50%

Term30 years

-Operating costs-$538

Property taxes-$192

Insurance-$175

Utilities$0

HOA$0

Management-$171

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$27,486(71.5% ROI)

Projected value

$206,966

Return breakdown

Property appreciation+$14,778

Loan principal paid down+$5,509

Rental cash flow+$7,200

5-year hold

+$47,078(122.5% ROI)

Projected value

$217,444

Return breakdown

Property appreciation+$25,255

Loan principal paid down+$9,823

Rental cash flow+$12,000

10-year hold

+$101,236(263.4% ROI)

Projected value

$246,018

Return breakdown

Property appreciation+$53,829

Loan principal paid down+$23,407

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.11ratio

FMR$1,440

Market$1,300

vs market+$140

FMR is above market; underwrite to market rent.

1.11

1 BR

1.02ratio

FMR$1,500

Market$1,470

vs market+$30

FMR is near market; voucher and private rents are aligned.

1.02

2 BR

0.93ratio

FMR$1,630

Market$1,750

vs market-$120

FMR is near market; voucher and private rents are aligned.

0.93

3 BR

0.93ratio

FMR$2,010

Market$2,160

vs market-$150

FMR is near market; voucher and private rents are aligned.

0.93

4 BR

1.04ratio

FMR$2,470

Market$2,380

vs market+$90

FMR is near market; voucher and private rents are aligned.

1.04

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 23225 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23225 (Richmond, VA) is $1,630 a month. That is down 1.2% from $1,650 in FY 2026. Richmond 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 26 ZIP codes in Richmond City, 23225 has the 13th-highest two-bedroom rent (county range $1,490–$2,040). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23225 is 29% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23225
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,440	$1,440	0.0%	$1,296–$1,584
1BR	$1,500	$1,500	0.0%	$1,350–$1,650
2BR	$1,650	$1,630	−1.2%	$1,467–$1,793
3BR	$2,070	$2,010	−2.9%	$1,809–$2,211
4BR	$2,550	$2,470	−3.1%	$2,223–$2,717

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23225
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,440	$1,500	$1,630	$2,010	$2,470
FY 2026	$1,440	$1,500	$1,650	$2,070	$2,550
FY 2025	$1,460	$1,520	$1,680	$2,130	$2,630
FY 2024	$1,310	$1,350	$1,510	$1,930	$2,360
FY 2023	$1,160	$1,190	$1,340	$1,730	$2,110

Two-bedroom rent in nearby Richmond City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 23225
23219	$1,750	+7.4%
23220	$1,980	+21.5%
23221	$1,930	+18.4%
23222	$1,490	−8.6%
23223	$1,550	−4.9%
23224	$1,490	−8.6%
23225Current	$1,630	—
23226	$2,040	+25.2%
23227	$1,540	−5.5%
23228	$1,810	+11.0%
23229	$1,650	+1.2%
23230	$1,840	+12.9%

Questions about ZIP 23225 rents

How much will Section 8 pay for a two-bedroom in ZIP 23225?

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 $1,630 it would be $1,467 to $1,793. 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 23225 in?

ZIP 23225 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 23225 for FY 2027?

The two-bedroom FMR fell 1.2%, from $1,650 in FY 2026 to $1,630 in FY 2027. Since FY 2023 it has risen 21.6%.

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 rent Richmond, VA fair market rent VA statewide rents What is SAFMR?Data sources