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Richmond City/Henrico/23228

23228

ZIPSAFMR
Richmond City, VA
Zillow

ZIP Investment Score

118Above average

095130300
BRFMR
Eff. Rent
0 BR$1,600$1,380
1 BR$1,660$1,500
2 BR$1,810$1,680
3 BR$2,240$2,140
4 BR$2,740$2,600
5 BR$3,151Not available
6 BR$3,624Not available
7 BR$4,167Not available
8 BR$4,792Not available

Purchase Price Calculator

Maximum purchase price
$187,731

Cost breakdown

+Likely effective rent$1,680
HUD FMR$1,810
Market rentUsed$1,680
Est. payment standard (95%)$1,730
-Principal and interest-$949
Loan amount$150,185
Down payment$37,546
Rate6.50%
Term30 years
-Operating costs-$531
Property taxes-$188
Insurance-$175
Utilities$0
HOA$0
Management-$168
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$27,015(72.0% ROI)
Projected value
$202,166
Return breakdown
Property appreciation+$14,435
Loan principal paid down+$5,381
Rental cash flow+$7,200
5-year hold
+$46,265(123.2% ROI)
Projected value
$212,400
Return breakdown
Property appreciation+$24,669
Loan principal paid down+$9,595
Rental cash flow+$12,000
10-year hold
+$99,444(264.9% ROI)
Projected value
$240,311
Return breakdown
Property appreciation+$52,581
Loan principal paid down+$22,864
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.16
1 BR
1.11
2 BR
1.08
3 BR
1.05
4 BR
1.05
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 23228 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23228 (Henrico, VA) is $1,810 a month. That is down 0.5% from $1,820 in FY 2026. Henrico 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, 23228 has the 8th-highest two-bedroom rent (county range $1,490–$2,040). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23228 is 43% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23228
BedroomsFY 2027Change90–110% range
Studio$1,600+0.6%$1,440–$1,760
1BR$1,6600.0%$1,494–$1,826
2BR$1,810−0.5%$1,629–$1,991
3BR$2,240−1.8%$2,016–$2,464
4BR$2,740−2.5%$2,466–$3,014

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23228
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,600$1,660$1,810$2,240$2,740
FY 2026$1,590$1,660$1,820$2,280$2,810
FY 2025$1,580$1,640$1,820$2,300$2,850
FY 2024$1,400$1,430$1,610$2,060$2,520
FY 2023$1,260$1,280$1,450$1,870$2,280

Two-bedroom rent in nearby Richmond City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23228
23222$1,490−17.7%
23223$1,550−14.4%
23224$1,490−17.7%
23225$1,630−9.9%
23226$2,040+12.7%
23227$1,540−14.9%
23228Current$1,810—
23229$1,650−8.8%
23230$1,840+1.7%
23231$1,520−16.0%
23232$1,590−12.2%
23234$1,520−16.0%

Questions about ZIP 23228 rents

How much will Section 8 pay for a two-bedroom in ZIP 23228?

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 $1,810 it would be $1,629 to $1,991. 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 23228 in?

ZIP 23228 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 23228 for FY 2027?

The two-bedroom FMR fell 0.5%, from $1,820 in FY 2026 to $1,810 in FY 2027. Since FY 2023 it has risen 24.8%.

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