Richmond, VA
The Fair Market Rent for a 2-bedroom in Richmond, VA is $1,655 per month, ranking #163 out of 693 areas nationwide. The area median household income is $84,405, meaning a household spending Fair Market Rent on a 2-bedroom would pay 23.5% of income on housing. Rent in Richmond has increased 8.0% year over year. The area has a population of 1.3M, with 32.9% of households renting.
Fair Market Rent by Bedroom Size
Fair Market Rents (FMRs) are set annually by the U.S. Department of Housing and Urban Development and represent the 40th percentile of gross rents for standard-quality units in an area. FMRs are used to determine payment standards for the Housing Choice Voucher program and other federal housing assistance.
Housing Affordability
In Richmond, VA, a household earning the area median income of $84,405 would spend 23.5% of their gross income on a 2-bedroom at Fair Market Rent. This falls below HUD's 30% cost-burden threshold, meaning housing is relatively affordable for median-income households in this area.
5-Year Rent Trend
+42.3% since 20212-bedroom Fair Market Rent by fiscal year. Source: HUD FMR API.
Minimum Wage Affordability
The minimum wage in Virginia is $12.41/hr. A minimum-wage worker would need to work 102.6 hours per week to afford a 2-bedroom at Fair Market Rent without exceeding 30% of income on housing. This means a single minimum-wage earner cannot afford a 2-bedroom working a standard 40-hour week. The poverty rate in Richmond is 10%, below the national average of approximately 12.4%.
Housing Market Context
The median home value in Richmond is $325,800. At a median income of $84,405, this represents a price-to-income ratio of 3.9x. 6.7% of housing units in the area are vacant, which is below the national average and suggests a tight housing market.
Other Areas in Virginia
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Frequently Asked Questions
The HUD Fair Market Rent for a 2-bedroom in Richmond, VA is $1,655 per month. A studio is $1,442/mo, a 1-bedroom is $1,507/mo, and a 3-bedroom is $2,072/mo. The actual median gross rent from Census data is $1,388/mo.
Richmond has a rent burden of 23.5%, meaning a household earning the median income of $84,405 would spend 23.5% of income on a 2-bedroom at Fair Market Rent. This is below HUD's 30% cost-burden threshold, indicating relatively affordable housing. To afford a 2-bedroom without being cost-burdened, a household would need an annual income of at least $66,200.
Richmond's 2-bedroom Fair Market Rent of $1,655/mo is $405 above the national median of $1,250/mo. Richmond ranks #163 out of 693 areas for highest rent in the United States.
To afford a 2-bedroom at Fair Market Rent in Richmond without spending more than 30% of income on housing, you would need an annual household income of at least $66,200, or a full-time hourly wage of $32/hour. The area median income is $84,405.
The 2-bedroom Fair Market Rent in Richmond increased by 8.0% compared to the prior year. This is a significant increase, suggesting growing demand in the local housing market.
Fair Market Rents represent the 40th percentile of gross rents for standard-quality rental units. Rent burden is calculated as annual 2BR FMR divided by area median household income. Census data (income, home value, population, vacancy) is from the ACS 5-Year estimates. Unemployment rates are from BLS Local Area Unemployment Statistics.