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 | $1,300 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,780 |
| 3 Bedrooms | $2,290 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,780 | $235,938 | 0.75% | D |
| 3BR | $2,290 | $284,034 | 0.81% | C |
| 4BR | $2,340 | $423,218 | 0.55% | F |
| 5BR | $2,714 | $515,343 | 0.53% | F |
U.S. Census Bureau data (2024)
The dynamics of the Harrisburg, PA real estate market, specifically ZIP 17111, indicate a scenario where demand is closely aligned with supply. The Fair Market Rent (FMR) for the area, set at $1420 for fiscal year 2024, is notably lower than the market rent, measured by Zillow's ZORI index, which stands at $1,715. This suggests that while there is a significant gap between the two figures, the market remains relatively stable.
A 0.2% price-cut share indicates that very few properties are being discounted, implying that most listings are selling at or near their asking price. Coupled with a 14-day Days on Market (DOM), this points towards a robust demand environment where homes are quickly finding buyers. However, the median home value of $292,212 provides context to the overall affordability and desirability of the market.
The 33.5% renter share in ZIP 17111 is a critical indicator of long-term housing pressure. A higher percentage of renters often signals an ongoing need for rental properties, as many individuals and families find it challenging to purchase homes outright. For landlords and small-portfolio investors, this suggests a steady demand for rental units, making it a viable market for investment. However, the gap between the FMR and market rent also highlights potential challenges for tenants, who might face increasing pressure to afford rising rents.
In summary, ZIP 17111 presents a balanced market with strong demand for both homeownership and rentals. The slight premium of market rent over FMR and the low price-cut share suggest that demand may slightly outpace supply, but the high renter share underscores the persistent need for affordable housing options. These factors collectively paint a picture of a market in motion, characterized by a dynamic interplay between affordability, demand, and supply.
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.