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 | $820 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,130 | $200,367 | 0.56% | F |
| 3BR | $1,450 | $250,211 | 0.58% | F |
| 4BR | $1,490 | $304,022 | 0.49% | F |
U.S. Census Bureau data (2024)
To determine if a landlord should buy in ZIP code 17023 (Elizabethville, PA) for Section 8 investment, follow this decision tree based on the provided data.
1) Does the Fair Market Rent (FMR) of $1,110 cover the debt service on a property valued at $239,749?
Yes: The FMR of $1,110 is sufficient to cover the debt service on a property priced at $239,749. This means that the rental income will meet the mortgage obligations, making the investment viable.
No: The FMR of $1,110 does not cover the debt service on a property valued at $239,749. This makes the investment risky as the rental income will be insufficient to meet the mortgage payments.
It Depends: The viability of the investment hinges on the specifics of the mortgage terms, including interest rates and loan duration. If these factors allow the FMR to sufficiently cover the debt service, then the answer is yes. Otherwise, it is no.
2) How does the market rent of $775 compare to the FMR?
Above: If the market rent were above the FMR of $1,110, it would indicate strong demand and potentially higher profits outside of Section 8. However, since the actual market rent is $775, which is below the FMR, this scenario does not apply.
At: If the market rent equaled the FMR, it would suggest a balanced market where Section 8 rents match the going rate. This is not the case here as the market rent is $775, lower than the FMR.
Below: The market rent of $775 is below the FMR of $1,110. This indicates that Section 8 tenants can pay more than what the market currently demands, providing a financial advantage for landlords who can secure these tenants.
3) Is there enough demand with 21.6% of residents being renters and an unspecified number of days on the market (DOM)?
Yes: With 21.6% of residents being renters, there is a decent level of demand. The N/A-day DOM suggests that either the data is incomplete or that properties are moving quickly off the market. If the latter is true, this further supports the idea that there is sufficient demand.
No: If the DOM were significantly high, indicating that properties are staying on the market for long periods, this would suggest weak demand. However, since the DOM is not specified, this conclusion cannot be drawn.
It Depends: The percentage of renters at 21.6% is a positive indicator but without a specific DOM figure, it's challenging to gauge how quickly properties are selling. If the DOM is low, then the demand is strong. If it is high, the demand is weak.
In summary, if the FMR of $1,110 covers the debt service on a $239,749 property and the DOM is low, then the answer is Yes. If the FMR does not cover the debt service or the DOM is high, the answer is No. Without a specific DOM figure, the decision ultimately depends on additional local market analysis.
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.