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 | $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 | $259,932 | 0.46% | F |
| 3BR | $1,630 | $352,617 | 0.46% | F |
| 4BR | $1,920 | $491,403 | 0.39% | F |
U.S. Census Bureau data (2024)
ZIP code 22821, located in Dayton, VA, falls within the Harrisonburg, VA Metropolitan Statistical Area (MSA). Its Fair Market Rent (FMR) for FY 2024 is set at $1050, which closely aligns with the market rent of $1,053. This indicates that the rental market in Dayton is in line with the FMR guidelines established by HUD, making it a stable area for landlords.
The median home value in ZIP 22821 is $359,879, which is notably lower than the average home values found in many other ZIP codes within the Harrisonburg, VA MSA. This suggests that Dayton is likely a value pocket within the larger metropolitan area, offering homeownership opportunities at a more affordable price point compared to other neighborhoods.
A significant portion of the population in ZIP 22821 rents their homes, with a 23.8% renter share. This figure is higher than the national average but is comparable to some areas within the MSA where rental housing is prevalent. The combination of a relatively high renter share and below-average home values can be an indicator of a Section 8 sweet spot. Landlords who cater to low-income renters through the Section 8 program may find Dayton to be a particularly attractive location due to the alignment between the FMR and market rent.
To further contextualize this data, consider the following:
In summary, ZIP 22821 presents itself as a value pocket within the Harrisonburg, VA MSA. Its lower home values coupled with a substantial renter share make it a favorable location for landlords participating in the Section 8 program. However, for small-portfolio investors looking to capitalize on premium sub-markets, Dayton might not offer the same upside potential as other ZIP codes with higher home values and similar rental dynamics.
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.