Location: Harrisonburg, VA | Metro: Harrisonburg, VA 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 | $1,200 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,350 |
| 5 Bedrooms | $2,726 |
| 6 Bedrooms | $3,053 |
| 7 Bedrooms | $3,297 |
| 8 Bedrooms | $3,462 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,460 | $269,886 | 0.54% | F |
| 3BR | $2,000 | $350,888 | 0.57% | F |
| 4BR | $2,350 | $438,809 | 0.54% | F |
| 5BR | $2,726 | $613,578 | 0.44% | F |
U.S. Census Bureau data (2024)
The Harrisonburg, VA market, represented by ZIP code 22801, exhibits signs of a balanced yet dynamic environment. With a Fair Market Rent (FMR) of $1340 for fiscal year 2024, it stands notably below the Zillow Observed Rental Index (ZORI) of $1,895. This suggests that rental properties in the area command a premium over what is considered fair market value, indicating strong demand among renters.
The low price-cut share of 0.2% further supports this notion, as it implies that few landlords are having to reduce their asking rents to attract tenants. Coupled with a relatively short Days on Market (DOM) of 25 days, this points to a scenario where available rental units are quickly occupied, reflecting an active rental market.
A median home value of $368,582 places Harrisonburg in a moderate range for homeownership, but the significant 53.9% share of renters signals persistent long-term housing pressure. A majority of residents choosing to rent rather than buy can be attributed to several factors: affordability concerns, job mobility, or lifestyle preferences. This high renter share suggests that the rental market will likely continue to be robust, as a substantial portion of the population relies on it for housing needs.
In summary, the dynamics of ZIP 22801 indicate a market where demand is robust, especially in the rental sector. The gap between FMR and ZORI, along with quick turnover rates and minimal price adjustments, all point towards a scenario where demand meets or slightly exceeds supply, particularly for rental properties. For landlords and small-portfolio investors, this translates into a stable and potentially lucrative market, given the ongoing need for rental accommodations.
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.