Location: Harrisonburg, VA | Metro: Harrisonburg, VA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,190 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,980 |
| 4 Bedrooms | $2,330 |
| 5 Bedrooms | $2,703 |
| 6 Bedrooms | $3,027 |
| 7 Bedrooms | $3,269 |
| 8 Bedrooms | $3,432 |
U.S. Census Bureau data (2024)
The potential risks for investing in ZIP 22850 under the Section 8 program are significant and must be carefully considered. Tenant turnover is a major concern, with market rents at $1,308 compared to the Fair Market Rent (FMR) of $1,460 for FY 2024. This gap suggests that tenants might struggle to afford market rates, leading to frequent turnover and increased management costs.
Vacancy exposure is another issue, as the Days on Market (DOM) for the area is listed as N/A. This lack of data implies that it could be challenging to predict how long properties might remain vacant, especially when transitioning between tenants. Landlords will need to prepare for periods where they do not receive rental income.
The deferred maintenance exposure is considerable due to the typical home value of $339,551 and a median income of $91,583. These figures indicate that homeowners may delay necessary repairs and maintenance, which can translate into higher property upkeep costs for landlords. Section 8 tenants often require well-maintained homes, and landlords must be prepared to invest in regular maintenance to avoid violations and penalties.
Despite these challenges, the high renter share of 18.7% in ZIP 22850 presents an opportunity. High renter density typically correlates with greater demand for housing vouchers, which can stabilize cash flow and reduce vacancy risks. The concentration of renters also suggests a robust market for affordable housing, which can be beneficial for landlords willing to navigate the complexities of the Section 8 program.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.