FY2027 Small Area FMR · Henrico, VA

ZIP 23231 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 23231 (Henrico, VA) is $1,520 a month, down 1.3% from FY2026. That is 8% below the Richmond, VA area-wide FMR of $1,651.

2-bedroom SAFMR$1,520per month ▼ 1.3%

Area-wide 2 BR FMR$1,651Richmond, VA

Rank in the area63rdof 118 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,368

2 BR Small Area FMR$1,520

110% of SAFMR$1,672

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$1,340■ 0.0%

1 BR$1,400■ 0.0%

2 BR$1,520▼ 1.3%

3 BR$1,880▼ 3.6%

4 BR$2,300▼ 4.6%

FY2027 FY2026

Where 23231 sits in the Richmond, VA area

Of the 118 ZIP codes HUD lists for the area, 23231 has the 63rd 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 $1,520 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,340	$1,206 – $1,474	$1,456	$1,340
1 bedroom	$1,400	$1,260 – $1,540	$1,517	$1,400
2 bedrooms	$1,520	$1,368 – $1,672	$1,651	$1,540
3 bedrooms	$1,880	$1,692 – $2,068	$2,039	$1,950
4 bedrooms	$2,300	$2,070 – $2,530	$2,499	$2,410

A household renting a two-bedroom home at the Small Area FMR of $1,520 needs about $60,800 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 23231 lies mainly in Henrico County, Charles City County and Richmond city. See the Richmond, VA metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
23250	Richmond	4.3 mi	$1,730
23150	Sandston	5.3 mi	$1,490
23836	Chester	6.9 mi	$1,920
23237	Richmond	7.9 mi	$1,550
23075	Henrico	8.0 mi	$1,490
23234	Richmond	8.6 mi	$1,520

Questions

What is the Fair Market Rent for ZIP code 23231?

HUD's FY2027 Small Area Fair Market Rents for 23231 are $1,340 (studio), $1,400 (1 BR), $1,520 (2 BR), $1,880 (3 BR) and $2,300 (4 BR) a month.

What is the Section 8 payment standard in 23231?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 23231 that range is $1,368 to $1,672 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 23231?

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.