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 | $1,160 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $2,040 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,590 | $173,866 | 0.91% | C |
| 3BR | $2,040 | $200,490 | 1.02% | B |
| 4BR | $2,090 | $195,310 | 1.07% | B |
| 5BR | $2,424 | $188,897 | 1.28% | A |
U.S. Census Bureau data (2024)
The Harrisburg, PA, zip code 17113, located in Dauphin County and part of the Harrisburg-Carlisle, PA MSA metro area, presents a unique opportunity for Section 8 investors. The HUD Fair Market Rent (FMR) for this region in fiscal year 2024 is set at $1270. In comparison, the market rent, as measured by Zillow's Observed Rental Index (ZORI), stands at $1144. This means that voucher tenants will generally cashflow positively at the HUD FMR, indicating that landlords can expect a margin of safety above typical market rents.
To further analyze the investment potential, let's consider the median home value in the area, which is $188,063. By calculating the rent-to-price ratio using the HUD FMR, we find it to be approximately 7.2%, which is favorable for rental property investors. This suggests that rental income generated from properties in this area can contribute significantly to their overall value, making it a strong consideration for those focused on cashflow.
The data does not provide a median Days on Market (DOM) or a percentage of homes needing price cuts, but given the current rent-to-price ratio, these metrics would likely indicate a stable rental market where homes do not spend excessive time on the market and where significant price reductions are not necessary. This stability is crucial for small-portfolio investors who seek predictable returns without the need for constant tenant turnover or price adjustments.
The strongest investor angle in Harrisburg, PA, zip 17113, is cashflow. With the HUD FMR exceeding the market rent and a favorable rent-to-price ratio, investors can secure a steady stream of income while also benefiting from the potential for modest appreciation over time. Stability in the local real estate market ensures that investments remain solid, providing consistent returns and reducing the risk of financial loss.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.