Location: Harrisonburg, VA | Metro: Harrisonburg, VA MSA
| 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 |
U.S. Census Bureau data (2024)
ZIP code 22820 is primarily a homeowner-dominated area where the percentage of renters is minimal at 0.0%. This indicates that there is likely to be less demand for rental properties among tenants who rely on Section 8 vouchers. The lack of data on median household income and market rent suggests that the area may not have a significant population of low-income households that typically seek out subsidized housing.
Despite the scarcity of voucher holders, it's important to compare the available data to understand the potential impact of Section 8 on the local rental market. The Fair Market Rent (FMR) for ZIP 22820 is set at $1190 per month for fiscal year 2024. Without a median household income figure, we cannot accurately determine what percentage of local income the typical rent consumes. However, the FMR can serve as a benchmark for landlords considering accepting Section 8 vouchers.
The kind of tenant profile a landlord in ZIP 22820 should expect is someone who may be seeking a more affordable living situation but is operating in an environment where homeownership is the norm. Landlords might encounter fewer applications from voucher holders compared to areas with higher concentrations of renters. Given the homeowner-dominated landscape, landlords should prepare for a tenant pool that may be more transient or looking for short-term rentals rather than long-term subsidized housing solutions.
In summary, while Section 8 vouchers exist and could be used in ZIP 22820, the area's characteristics suggest that landlords will face a rental market with limited voucher demand. The focus should be on attracting tenants who are comfortable with the area's predominantly homeowner culture and willing to pay rents that align with the $1190 FMR guideline.
Data Sources: FMR data from HUD (2027). 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.