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Henrico County/Henrico/23294

23294

ZIPSAFMR
Henrico County, VA
Zillow

ZIP Investment Score

80Below average

095130300
BRFMR
Eff. Rent
0 BR$1,740$1,820
1 BR$1,810$1,730
2 BR$1,970$1,930
3 BR$2,430$2,190
4 BR$2,980$2,590
5 BR$3,427Not available
6 BR$3,941Not available
7 BR$4,532Not available
8 BR$5,212Not available

Purchase Price Calculator

Maximum purchase price
$224,881

Cost breakdown

+Likely effective rent$1,930
HUD FMR$1,970
Market rentUsed$1,930
Est. payment standard (99%)$1,940
-Principal and interest-$1,137
Loan amount$179,905
Down payment$44,976
Rate6.50%
Term30 years
-Operating costs-$593
Property taxes-$225
Insurance-$175
Utilities$0
HOA$0
Management-$193
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$30,937(68.8% ROI)
Projected value
$242,172
Return breakdown
Property appreciation+$17,291
Loan principal paid down+$6,446
Rental cash flow+$7,200
5-year hold
+$53,045(117.9% ROI)
Projected value
$254,432
Return breakdown
Property appreciation+$29,551
Loan principal paid down+$11,494
Rental cash flow+$12,000
10-year hold
+$114,374(254.3% ROI)
Projected value
$287,866
Return breakdown
Property appreciation+$62,986
Loan principal paid down+$27,388
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.94
1 BR
1.05
2 BR
1.02
3 BR
1.11
4 BR
1.15
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 23294 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23294 (Henrico, VA) is $1,970 a month. That is unchanged from 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 22 ZIP codes in Henrico County, 23294 has the 5th-highest two-bedroom rent (county range $1,490–$2,280). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23294 is 56% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23294
BedroomsFY 2027Change90–110% range
Studio$1,740+1.2%$1,566–$1,914
1BR$1,810+1.1%$1,629–$1,991
2BR$1,9700.0%$1,773–$2,167
3BR$2,430−1.6%$2,187–$2,673
4BR$2,980−2.0%$2,682–$3,278

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23294
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,740$1,810$1,970$2,430$2,980
FY 2026$1,720$1,790$1,970$2,470$3,040
FY 2025$1,720$1,790$1,980$2,510$3,100
FY 2024$1,530$1,580$1,770$2,260$2,770
FY 2023$1,350$1,380$1,560$2,020$2,450

Two-bedroom rent in nearby Henrico County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23294
23226$2,040+3.6%
23227$1,540−21.8%
23228$1,810−8.1%
23229$1,650−16.2%
23230$1,840−6.6%
23231$1,520−22.8%
23233$2,050+4.1%
23238$1,930−2.0%
23242$1,730−12.2%
23250$1,730−12.2%
23255$1,730−12.2%
23294Current$1,970—

Questions about ZIP 23294 rents

How much will Section 8 pay for a two-bedroom in ZIP 23294?

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 $1,970 it would be $1,773 to $2,167. 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 23294 in?

ZIP 23294 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 23294 for FY 2027?

The two-bedroom FMR was unchanged at $1,970 in FY 2027. Since FY 2023 it has risen 26.3%.

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