Location: Harrisonburg, VA | Metro: Harrisonburg, VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,130 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,220 |
| 5 Bedrooms | $2,575 |
| 6 Bedrooms | $2,884 |
| 7 Bedrooms | $3,115 |
| 8 Bedrooms | $3,271 |
U.S. Census Bureau data (2024)
The median income in ZIP code 22832 stands at $64,766, which presents a significant challenge for households trying to afford the market rate rent of $857. This makes it difficult for many residents to find suitable housing without financial assistance.
Comparatively, the Fair Market Rent (FMR) set by the government for ZIP code 22832 in fiscal year 2024 is $1350. This figure represents the upper limit for rental payments covered by Section 8 vouchers. The discrepancy between the market rate ($857) and the FMR ($1350) suggests that while some units might be affordable at the market rate, those receiving vouchers have a higher budget, potentially increasing their options.
With only 18.2% of the population renting and a total population of 1,136, the demand for rental properties is relatively low. This could translate into stiff competition among landlords for tenants, especially those who can pay the market rate. The affordability gap means that landlords who rely solely on market-rate rents might struggle to fill vacancies, whereas those willing to accept Section 8 vouchers could attract a larger pool of potential tenants.
The takeaway for landlords is clear: accepting Section 8 vouchers can be a strategic advantage in a competitive market where many households cannot afford the market rate. By doing so, they ensure a steady stream of income and reduce the risk of empty units. However, landlords should also consider the administrative requirements and potential limitations associated with voucher programs when deciding their rental strategy.
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.