Location: Shenandoah County, 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 | $950 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,190 | $252,835 | 0.47% | F |
| 3BR | $1,630 | $329,253 | 0.5% | F |
| 4BR | $1,920 | $400,973 | 0.48% | F |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors targeting ZIP code 22815 in Broadway, Virginia, reveals a competitive rental environment. The Fair Market Rent (FMR) set by HUD for this area in fiscal year 2024 is $1030, while the market rent based on Census ACS data stands at $1,071. This indicates that voucher tenants will generally provide marginal cash flow at the HUD FMR rate. Landlords must be prepared to offer slightly above the FMR or seek out premium units to ensure positive cash flow.
The median home value in ZIP 22815 is $321,064, which provides insight into the local real estate market. To calculate the rent-to-price ratio, we divide the median market rent by the median home value, resulting in a ratio of approximately 0.33%. This suggests that the rental market is relatively stable compared to the housing market, as the rent-to-price ratio is low. However, the dynamics between renting and buying in this area are further complicated by the fact that the median Days on Market (DOM) for homes is not available, and the share of homes making price cuts is only 0.2%. These factors indicate a seller's market where homes sell quickly without significant price reductions, but do not directly impact the rental market.
The strongest investor angle in this market is stability. Despite the marginal cash flow from voucher tenants, the low price-cut share and quick sales suggest a robust local economy that supports steady rental demand. This makes ZIP 22815 an attractive option for investors seeking consistent returns rather than rapid appreciation or high cash flow.
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.