Location: Shenandoah County, 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 | $950 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,630 | $286,579 | 0.57% | F |
| 4BR | $1,920 | $378,547 | 0.51% | F |
U.S. Census Bureau data (2024)
The ZIP code 22853 hosts a population of 5,214 individuals, with 29.9% being renters. The median household income stands at $67,083, providing a baseline for understanding the economic context of potential tenants. Given these figures, it's clear that while there is a significant renter presence, this ZIP code is not dominated by renters; rather, it has a mixed housing market.
The market rent in this area is currently set at $980 per month, which represents approximately 14.6% of the median household income. This calculation is derived from dividing the monthly rent by the annual median income ($980 / $67,083 * 12 months), indicating that typical rent consumes a moderate portion of local incomes. For comparison, the Fair Market Rent (FMR) for the fiscal year 2024 is $1,110, suggesting that the current market rent is slightly below the FMR threshold, potentially making it more accessible to a broader range of renters, including those who rely on Section 8 vouchers.
In terms of Section 8 tenant demand, the percentage of renters in ZIP 22853 indicates a substantial pool of potential voucher users. However, given the relatively high median income and the fact that less than a third of the population are renters, the demand for vouchers might be considered moderate rather than deep. Landlords can anticipate a mix of tenants, some of whom will have stable income sources and others who will rely on government assistance programs like Section 8 to cover their rent.
A landlord in ZIP 22853 should prepare for a diverse tenant pool, balancing between those who can afford market rates and those who depend on rental assistance. The median income suggests that tenants with vouchers will likely represent a significant portion of the applicant pool, but not the entirety. Landlords must be aware of the regulations and requirements associated with accepting Section 8 vouchers, as well as the financial implications of renting at or near the $980 market rate compared to the $1,110 FMR.
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.