FY2027 Small Area FMR · Richmond, VA
ZIP 23221 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 23221 (Richmond, VA) is $1,930 a month, down 3.0% from FY2026. That is 17% above the Richmond, VA area-wide FMR of $1,651.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
FY2027 FY2026
Where 23221 sits in the Richmond, VA area
Of the 118 ZIP codes HUD lists for the area, 23221 has the 16th highest two-bedroom Small Area FMR. Richmond, VA is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,651 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,930 for this ZIP code instead.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $1,700 | $1,530 – $1,870 | $1,456 | $1,730 |
| 1 bedroom | $1,770 | $1,593 – $1,947 | $1,517 | $1,810 |
| 2 bedrooms | $1,930 | $1,737 – $2,123 | $1,651 | $1,990 |
| 3 bedrooms | $2,380 | $2,142 – $2,618 | $2,039 | $2,490 |
| 4 bedrooms | $2,920 | $2,628 – $3,212 | $2,499 | $3,070 |
A household renting a two-bedroom home at the Small Area FMR of $1,930 needs about $77,200 a year to keep housing costs at 30% of income. The area median family income is $113,500 and the 80% low-income limit for four people is $90,800. ZIP code 23221 lies mainly in Richmond city. See the Richmond, VA metro page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 23221?
HUD's FY2027 Small Area Fair Market Rents for 23221 are $1,700 (studio), $1,770 (1 BR), $1,930 (2 BR), $2,380 (3 BR) and $2,920 (4 BR) a month.
What is the Section 8 payment standard in 23221?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 23221 that range is $1,737 to $2,123 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 23221?
The FY2026 income limits of the Richmond, VA area apply: median family income $113,500, low-income (80%) limit $90,800 for a family of four.