HUD Fair Market Rent · FY 2027 · Effective Oct 1, 2026 to Sep 30, 2027
Fair Market Rent in Richmond city, Virginia (FY 2027)
A two-bedroom in Richmond city carries a FY 2027 Fair Market Rent of $1,651 a month, effective October 1, 2026 through September 30, 2027. Everything Section 8 pays in Richmond keys off that figure.
Two-bedroom FMR
$1,651
-0.2% from FY 2026
Payment standard
$1,486–$1,816
90% to 110% of the FMR, two-bedroom
Income to afford
$66,040
a year, with rent at 30% of income
Rank in Virginia
44th of 133
by two-bedroom FMR, highest first
FY 2027 Fair Market Rents
Payment standard is the 90% to 110% band a housing authority can set. Income needed puts rent at 30% of gross income, and the hourly wage assumes a 40-hour week.
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2026 |
|---|---|---|---|---|---|
| Studio | $1,456 | $1,310–$1,602 | $58,240 | $28.00/hr | +1.0% |
| 1 bedroom | $1,517 | $1,365–$1,669 | $60,680 | $29.17/hr | +0.7% |
| 2 bedroom | $1,651 | $1,486–$1,816 | $66,040 | $31.75/hr | -0.2% |
| 3 bedroom | $2,039 | $1,835–$2,243 | $81,560 | $39.21/hr | -1.6% |
| 4 bedroom | $2,499 | $2,249–$2,749 | $99,960 | $48.06/hr | -2.1% |
Five to eight bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $2,874 | $2,587–$3,161 |
| 6 bedroom Estimate | $3,249 | $2,924–$3,574 |
| 7 bedroom Estimate | $3,624 | $3,262–$3,986 |
| 8 bedroom Estimate | $3,998 | $3,598–$4,398 |
Source: HUD Office of Policy Development and Research, FY 2027 Fair Market Rents. Rents include utilities. huduser.gov
Market check
Two-bedrooms in Richmond are asking $1,546. HUD says $1,651.
That's 6% below the county FMR. Median asking rent across 20 Richmond ZIP codes with active 2BR listings. FMR includes utilities and asking rents usually don't, so the true gap is a little smaller.
No card needed
What a voucher pays here
The FMR isn't the check you'd receive. Your local housing authority turns it into a payment standard, set between 90% and 110% of FMR, so a two-bedroom here lands between $1,486 and $1,816. Subtract about 30% of the tenant's income and that's the housing assistance payment. If you ask more than similar unassisted units rent for, the PHA's rent reasonableness check will push back.
At the standard 30% of income, a household needs about $66,040 a year to afford $1,651 a month. On a 40-hour week that's $32 an hour.
Worked example for a two-bedroom renting at the payment standard. The tenant pays 30% of monthly income and the voucher covers the rest.
| Monthly household income | Tenant pays (30%) | Voucher pays at 90%$1,486 | Voucher pays at 100%$1,651 | Voucher pays at 110%$1,816 |
|---|---|---|---|---|
| $2,500 | $750 | $736 | $901 | $1,066 |
| $4,000 | $1,200 | $286 | $451 | $616 |
Rate history
The two-bedroom rate went down 0% from FY 2026 ($1,655) to FY 2027 ($1,651). Since FY 2020 it's up 56% in total, about 6.5% a year. The Virginia median moved up 1% over the same year.
| Fiscal year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $899 | $932 | $1,061 | $1,410 | $1,686 | — |
| FY 2021 | $993 | $1,020 | $1,163 | $1,538 | $1,840 | +9.6% |
| FY 2022 | $1,022 | $1,044 | $1,189 | $1,556 | $1,864 | +2.2% |
| FY 2023 | $1,157 | $1,183 | $1,336 | $1,727 | $2,100 | +12.4% |
| FY 2024 | $1,328 | $1,365 | $1,532 | $1,959 | $2,393 | +14.7% |
| FY 2025 | $1,488 | $1,545 | $1,711 | $2,166 | $2,677 | +11.7% |
| FY 2026 | $1,442 | $1,507 | $1,655 | $2,072 | $2,553 | -3.3% |
| FY 2027In effect | $1,456 | $1,517 | $1,651 | $2,039 | $2,499 | -0.2% |
About this rate
HUD sets Fair Market Rent once a year, based on what typical units in the area actually rent for, with utilities folded in. FY 2027 runs October 1, 2026 through September 30, 2027, and in Richmond city the five published rates run from $1,456 to $2,499, studio through four bedrooms.
Richmond doesn't get its own number. It sits inside the Richmond metro and shares one rate with 15 other cities, including Chesterfield County, Henrico County, Hanover County. HUD sets metro FMRs from rents across the whole metro, which is why a rural corner of a big metro can carry a city-sized rate.
The state median two-bedroom FMR is $1,262. Richmond comes in at $1,651, about 31% above that, and ranks 44th of 133 in Virginia. Against the national median county ($1,063) it's about 55% above. Population is around 229,359.
Rates by ZIP code
HUD also publishes Small Area FMRs for the 17 ZIP codes it covers in Richmond. Two-bedroom rates run from $1,490 in 23222 (Richmond) to $1,980 in 23220 (Richmond), a $490 spread inside one city. Whether your housing authority uses the ZIP rate or the city rate depends on whether HUD has designated this area for Small Area FMRs. Ask the PHA which one it's on before you price a unit.
| ZIP | City | 2BR rate | vs county |
|---|---|---|---|
| 23173 | Richmond | $1,790 | +8.4% |
| 23218 | Richmond | $1,590 | -3.7% |
| 23219 | Richmond | $1,750 | +6.0% |
| 23220 | Richmond | $1,980 | +19.9% |
| 23221 | Richmond | $1,930 | +16.9% |
| 23222 | Richmond | $1,490 | -9.8% |
| 23223 | Richmond | $1,550 | -6.1% |
| 23224 | Richmond | $1,490 | -9.8% |
| 23225 | Richmond | $1,630 | -1.3% |
| 23232 | Richmond | $1,590 | -3.7% |
| 23241 | Richmond | $1,590 | -3.7% |
| 23249 | Richmond | $1,651County rate | — |
| 23260 | Richmond | $1,590 | -3.7% |
| 23261 | Richmond | $1,590 | -3.7% |
| 23269 | Richmond | $1,651County rate | — |
| 23273 | Henrico | $1,651County rate | — |
| 23274 | Richmond | $1,651County rate | — |
| 23276 | Richmond | $1,651County rate | — |
| 23278 | Richmond | $1,651County rate | — |
| 23279 | Richmond | $1,651County rate | — |
| 23282 | Richmond | $1,651County rate | — |
| 23284 | Richmond | $1,850 | +12.1% |
| 23285 | Richmond | $1,651County rate | — |
| 23286 | Richmond | $1,590 | -3.7% |
| 23290 | Richmond | $1,651County rate | — |
| 23291 | Richmond | $1,651County rate | — |
| 23292 | Richmond | $1,651County rate | — |
| 23293 | Richmond | $1,590 | -3.7% |
| 23295 | Richmond | $1,651County rate | — |
| 23298 | Richmond | $1,750 | +6.0% |
Counties sharing the Richmond metro rate
HUD sets one rate for the whole metro, so every county here carries the same $1,651 two-bedroom figure as Richmond.
Chesterfield County
377,869 people
$1,651
Henrico County
335,744 people
$1,651
Hanover County
112,879 people
$1,651
Prince George County
43,146 people
$1,651
Petersburg city
33,537 people
$1,651
Powhatan County
31,555 people
$1,651
Dinwiddie County
28,191 people
$1,651
Goochland County
26,410 people
$1,651
New Kent County
25,105 people
$1,651
Hopewell city
22,959 people
$1,651
King William County
18,593 people
$1,651
Colonial Heights city
18,352 people
$1,651
Nearby counties
Two-bedroom FMR, with how each compares to Richmond.
Henrico County
3 mi · 335,744 people
$1,651
same rate
Chesterfield County
9 mi · 377,869 people
$1,651
same rate
Hanover County
15 mi · 112,879 people
$1,651
same rate
Colonial Heights city
19 mi · 18,352 people
$1,651
same rate
Hopewell city
20 mi · 22,959 people
$1,651
same rate
Petersburg city
23 mi · 33,537 people
$1,651
same rate
Prince George County
24 mi · 43,146 people
$1,651
same rate
Charles City County
25 mi · 6,627 people
$1,651
same rate
Questions people ask
$1,651 a month for FY 2027, which runs October 1, 2026 through September 30, 2027. The other rates are $1,456 for a studio, $1,517 for one bedroom, $2,039 for three and $2,499 for four.
Tools for this county
Fair Market Rent lookup
Any ZIP code's Small Area FMR by bedroom count
Section 8 rent calculator
Payment standard and tenant share for a specific rent
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords
Rent affordability calculator
The income a household needs for a given rent
What does a rental in Richmond actually go for?
HUD's number is one input. Search any address in Richmond for a rent estimate built from nearby comps. Free to start, no card.
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