FMR is near market; voucher and private rents are aligned.
1.03
3 BR
3 BR
0.82ratio
FMR$2,240
Market$2,730
vs market-$490
FMR is below market; voucher rent may lag private rents.
0.82
4 BR
4 BR
0.92ratio
FMR$2,740
Market$2,980
vs market-$240
FMR is near market; voucher and private rents are aligned.
0.92
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
--
Mortgage rate
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ZIP 23297 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23297 (Richmond, VA) is $1,810 a month. That is up 0.6% from $1,800 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 17 ZIP codes in Chesterfield County, 23297 has the 10th-highest two-bedroom rent (county range $1,490–$2,480). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23297 is 43% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 23297
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,570
$1,600
+1.9%
$1,440–$1,760
1BR
$1,640
$1,660
+1.2%
$1,494–$1,826
2BR
$1,800
$1,810
+0.6%
$1,629–$1,991
3BR
$2,250
$2,240
−0.4%
$2,016–$2,464
4BR
$2,780
$2,740
−1.4%
$2,466–$3,014
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 23297
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,600
$1,660
$1,810
$2,240
$2,740
FY 2026
$1,570
$1,640
$1,800
$2,250
$2,780
FY 2025
$1,620
$1,680
$1,860
$2,350
$2,910
FY 2024
$1,450
$1,490
$1,670
$2,140
$2,610
FY 2023
$1,260
$1,290
$1,460
$1,890
$2,300
Two-bedroom rent in nearby Chesterfield County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 23297?
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 23297 in?
ZIP 23297 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 23297 for FY 2027?
The two-bedroom FMR rose 0.6%, from $1,800 in FY 2026 to $1,810 in FY 2027. Since FY 2023 it has risen 24.0%.
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