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 | $1,010 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,230 | $258,998 | 0.47% | F |
| 3BR | $1,680 | $312,726 | 0.54% | F |
| 4BR | $1,980 | $446,418 | 0.44% | F |
| 5BR | $2,297 | $536,976 | 0.43% | F |
U.S. Census Bureau data (2024)
The classification of ZIP 22802 (Harrisonburg, VA) on the axes of yield and stability reveals a market that leans towards providing steady cash flow rather than high-yield/low-stability opportunities. This conclusion is driven by specific figures from the data provided.
On the yield axis, the Fair Market Rent (FMR) for 2024 is set at $1,130, which is significantly lower than the market rent of $1,584. However, the median home value of $313,890 suggests that properties are affordable enough for rental investment without requiring excessively high rents to be profitable. The gap between FMR and market rent indicates potential for modest above-average returns, but not the kind of high yields typically associated with 'flip-style' markets where short-term gains are prioritized over long-term stability.
Moving to the stability axis, the data shows that 45.0% of residents are renters, indicating a moderate demand for rental housing. While the average daily days on market (DOM) is not available, the median household income of $66,423 suggests that tenants have the financial capacity to meet their rent obligations consistently. This income level supports a stable rental market where default rates are likely to be low, contributing to reliable cash flow.
Based on these figures, Harrisonburg, VA, appears to offer a balanced opportunity. It is not a high-risk, high-reward environment but rather a zone where investors can expect steady cash flow from rental properties. The relatively low FMR compared to market rent allows for positive cash flow, while the moderate percentage of renters and decent household income levels provide a foundation for stability.
To summarize, ZIP 22802 is best classified as a steady-cashflow zone. The key figures driving this assessment include the FMR of $1,130 versus the market rent of $1,584, the median home value of $313,890, and the median household income of $66,423. These factors combine to create an environment suitable for those seeking consistent rental income over time rather than quick, high-risk profits.
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.