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)
The market analysis for Section 8 investors in ZIP code 22830 within the Harrisonburg, VA MSA reveals a favorable rental environment. The HUD Fair Market Rent (FMR) for ZIP 22830 is set at $1,180 for fiscal year 2024. In contrast, the Census American Community Survey (ACS) reports an average market rent of $1,000 for the area. This discrepancy indicates that voucher tenants can provide a positive cash flow when renting units at the FMR rate.
To further understand the investment potential, we examine the median home value in ZIP 22830, which stands at $287,527. Using this figure, we calculate the rent-to-price ratio, revealing that rental income at the FMR level represents approximately 0.41% of the median home value. This suggests a relatively low rent-to-price ratio, indicating that the area is more suited for rental investments over homeownership, given the current market conditions.
The lack of available data on the median days on market (DOM) and the percentage of homes that experienced price cuts does not significantly impact our analysis, as the primary focus is on rental dynamics. However, the absence of these metrics implies a stable market where there is little need for price adjustments or extended listing times, which supports the overall stability of the rental market.
The strongest investor angle in ZIP 22830 is cash flow. Given that voucher tenants pay at the FMR rate of $1,180, which exceeds the market rent of $1,000, landlords and small-portfolio investors can expect a steady and positive cash flow from their properties. This makes the area particularly attractive for those seeking reliable returns through rental income.
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.