Location: Harrisonburg, VA | Metro: Harrisonburg, VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
The economics of Section 8 in ZIP code 22833, located in Harrisonburg County, Virginia, can be straightforward when understood correctly. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2024 is set at $1190. This figure is crucial because it represents the maximum amount that the Housing Choice Voucher program will pay for a unit in this area.
To break down how this works for landlords, consider the following: The tenant is responsible for paying approximately 30% of their adjusted income towards rent. For simplicity, let's assume an average adjusted income of $1600 per month, which would mean the tenant pays around $480. This leaves the remaining amount of $710 to be covered by the voucher. However, the total reimbursement to the landlord also includes utility allowances, which can vary but typically add about $200 to $300 to the base rental payment.
In practice, this means that if you charge $1190 for a two-bedroom unit, the landlord will receive a combination of the tenant's contribution and the voucher's subsidy. Given our assumptions, the landlord would receive approximately $910 to $1010 per month, depending on the utility allowance.
The SAFMR being specific to this ZIP code ensures that the rates reflect the local housing market conditions accurately. However, without the exact local market rent figures, it's important to note that landlords should aim to price their units close to the SAFMR to maximize the chances of attracting tenants with vouchers.
To summarize, in ZIP 22833, the typical reimbursement for a two-bedroom unit under the Section 8 program would cover the majority of the SAFMR rate of $1190, leaving a potential reimbursement gap or surplus based on the actual market rent and the tenant's portion of the payment. If the market rent is higher than $1190, landlords will face a gap that must be made up by the tenant or another source. Conversely, if the market rent is lower, landlords may see a surplus.
Data Sources: FMR data from HUD (2027).
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.