Location: Harrisburg-Carlisle, PA | Metro: Harrisburg-Carlisle, PA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,150 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,580 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,080 |
| 5 Bedrooms | $2,413 |
| 6 Bedrooms | $2,703 |
| 7 Bedrooms | $2,919 |
| 8 Bedrooms | $3,065 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,580 | $256,144 | 0.62% | D |
| 3BR | $2,030 | $367,783 | 0.55% | F |
| 4BR | $2,080 | $512,897 | 0.41% | F |
| 5BR | $2,413 | $663,123 | 0.36% | F |
U.S. Census Bureau data (2024)
The ZIP code 17015 in Carlisle, PA, encompasses a diverse mix of residential areas that reflect the broader trends of Cumberland County. With a total population of 24,385, it's a moderately sized neighborhood where 17.9% of residents are renters. The median household income in this area stands at $86,981, indicating a middle-class community with a decent standard of living. The median home value in ZIP 17015 is $390,963, suggesting a stable housing market with properties that are both affordable and desirable.
Turning to the economic landscape for rental properties, the Fair Market Rent (FMR) for ZIP 17015 in fiscal year 2024 is set at $1,310, which is significantly lower than the market rent of $2,119 as measured by the Zillow Observed Rent Index (ZORI). This disparity highlights a potential opportunity for landlords and small-portfolio investors who can leverage the difference between subsidized and market rents to their advantage.
In terms of investment strategy, ZIP 17015 offers a balanced environment suitable for both hands-off voucher operators and hands-on value-add buyers. For those looking to manage a portfolio with minimal involvement, the presence of Section 8 vouchers provides a reliable source of tenants and income stability, given the FMR rate. However, for investors willing to engage more actively, there's room to enhance property values and capture higher rents due to the significant gap between FMR and market rates. This scenario allows for strategic improvements that can attract non-subsidized tenants, thereby increasing overall profitability.
To conclude, ZIP 17015 presents a viable option for real estate investment, especially for those interested in the Section 8 program. The neighborhood’s demographics support a steady demand for rental properties, while the economic conditions offer opportunities for both passive and active management styles.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.