FMR is near market; voucher and private rents are aligned.
0.92
1 BR
1 BR
0.89ratio
FMR$1,460
Market$1,640
vs market-$180
FMR is below market; voucher rent may lag private rents.
0.89
2 BR
2 BR
0.81ratio
FMR$1,590
Market$1,970
vs market-$380
FMR is below market; voucher rent may lag private rents.
0.81
3 BR
3 BR
0.92ratio
FMR$1,960
Market$2,120
vs market-$160
FMR is near market; voucher and private rents are aligned.
0.92
4 BR
4 BR
1.02ratio
FMR$2,410
Market$2,360
vs market+$50
FMR is near market; voucher and private rents are aligned.
1.02
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 23232 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23232 (Richmond, VA) is $1,590 a month. That is unchanged from 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, 23232 is tied for the 14th-highest two-bedroom rent (county range $1,490–$2,040). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23232 is 26% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 23232
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,390
$1,400
+0.7%
$1,260–$1,540
1BR
$1,450
$1,460
+0.7%
$1,314–$1,606
2BR
$1,590
$1,590
0.0%
$1,431–$1,749
3BR
$1,990
$1,960
−1.5%
$1,764–$2,156
4BR
$2,450
$2,410
−1.6%
$2,169–$2,651
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 23232
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,400
$1,460
$1,590
$1,960
$2,410
FY 2026
$1,390
$1,450
$1,590
$1,990
$2,450
FY 2025
$1,430
$1,480
$1,640
$2,080
$2,570
FY 2024
$1,270
$1,300
$1,460
$1,870
$2,280
FY 2023
$1,090
$1,120
$1,260
$1,630
$1,980
Two-bedroom rent in nearby Richmond City ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 23232?
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 $1,590 it would be $1,431 to $1,749. 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 23232 in?
ZIP 23232 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 23232 for FY 2027?
The two-bedroom FMR was unchanged at $1,590 in FY 2027. Since FY 2023 it has risen 26.2%.
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