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 | $1,180 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,970 | $400,959 | 0.49% | F |
| 4BR | $2,320 | $525,187 | 0.44% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 22846 in fiscal year 2024 is set at $1490. This figure represents the payment standard for Section 8 vouchers, meaning that if you participate in the program, the Housing Authority will pay up to this amount on behalf of your tenants. However, it's important to note that the FMR is not the rent you can charge; it is the maximum reimbursement you'll receive.
To put this into perspective, the average rent in ZIP 22846, based on recent Census American Community Survey data, is $1317. This suggests that the FMR is slightly higher than the typical market rate, which could be advantageous for landlords participating in the Section 8 program.
The renter share in this area is 11.4%, indicating that there is a moderate demand for rental housing. While this percentage may seem low, it still translates into a significant number of potential tenants who might benefit from the Section 8 program. Moreover, the median household income in the area is around $484,178, which implies that purchasing property here could be quite costly, making the Section 8 program a viable option for landlords looking to manage high acquisition costs.
If you're considering your first Section 8 rental in ZIP 22846, one key verification step is to ensure that your rental property meets all the required quality standards set by the Housing Authority. These standards are designed to protect tenants and must be met before the Housing Authority will approve your unit for the program. Failure to comply can result in penalties or disqualification from receiving payments.
In summary, the FMR of $1490 provides a clear benchmark for reimbursement under the Section 8 program. With an average market rent of $1317, you stand to receive competitive rates. The 11.4% renter share signals a steady demand for rentals, while the median household income figure helps gauge the local economic landscape. Before proceeding, make sure your property is up to code to avoid any issues.
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.