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 | $1,400 |
| 1 Bedroom | $1,410 |
| 2 Bedrooms | $1,710 |
| 3 Bedrooms | $2,340 |
| 4 Bedrooms | $2,750 |
| 5 Bedrooms | $3,190 |
| 6 Bedrooms | $3,573 |
| 7 Bedrooms | $3,859 |
| 8 Bedrooms | $4,052 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,340 | $405,316 | 0.58% | F |
| 4BR | $2,750 | $531,678 | 0.52% | F |
| 5BR | $3,190 | $644,703 | 0.49% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 22840 in fiscal year 2024 is set at $1,670. This figure represents the payment standard used by the Housing Choice Voucher Program, commonly known as Section 8, but it does not necessarily reflect the actual rent you will charge your tenants. Instead, it is the maximum amount that the government will pay toward a tenant's rent.
To put this into perspective, the average rent in ZIP 22840, based on Census American Community Survey data, is approximately $1,446. This indicates that the FMR is slightly higher than the typical market rate, which can be advantageous for landlords participating in the Section 8 program.
The 14.5% share of renters in the area suggests a moderate demand for rental properties. However, the Section 8 program can help fill vacancies since it targets low-income families who might otherwise struggle to find suitable housing. The median household income in the area is around $426,369, which underscores the potential gap between what many residents can afford and the overall cost of living, making Section 8 an attractive option for those seeking affordable housing.
Before committing to a Section 8 rental property in ZIP 22840, ensure that the property meets all the required standards set by the local housing authority. These standards cover safety, health, and habitability criteria and are essential for securing approval and maintaining eligibility for the program.
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.