Location: Harrisonburg, VA | Metro: Harrisonburg, VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,080 |
| 5 Bedrooms | $2,413 |
| 6 Bedrooms | $2,703 |
| 7 Bedrooms | $2,919 |
| 8 Bedrooms | $3,065 |
To determine if you should buy in ZIP code 22803 for Section 8 purposes, follow this decision tree:
1) Does the Fair Market Rent (FMR) of $1220 cover your debt service?
No data is available to calculate the exact debt service for properties in ZIP 22803. Therefore, you must know your specific financial requirements to answer this question. If the FMR of $1220 does not meet or exceed your debt service, then purchasing for Section 8 is not advisable.
2) Is the market rent above, at, or below the FMR?
The current market rent data for ZIP 22803 is not available. Without this information, you cannot accurately compare market rents to the FMR of $1220. However, if market rents are below the FMR, you can likely charge the higher rate under the Section 8 program. If they are above or equal to the FMR, you might face competition from non-Section 8 rentals.
3) Is there sufficient rental demand in the area?
No data is available on the percentage of renters or the days on market (DOM) for ZIP 22803. To make an informed decision, you need to research local rental trends. If the majority of residents are renters and properties are typically rented out quickly, this indicates strong demand. Conversely, if vacancy rates are high and properties stay on the market for long periods, demand may be insufficient.
In summary, for ZIP 22803, the decision to invest in Section 8 properties hinges on three key factors: ensuring the FMR covers your debt service, understanding how market rents compare to the FMR, and assessing the local rental demand. Due to the lack of specific data points, you must gather additional information to make a definitive decision.
Data Sources: FMR data from HUD (2027).
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.