22801

ZIPSAFMR

Rockingham County, VA

ZIP Investment Score

77Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,200	$1,150	5.2%
1 BR	$1,210	$1,200	5.5%
2 BR	$1,460	$1,610	2.9%
3 BR	$2,000	$2,070	3.6%
4 BR	$2,350	$2,410	1.2%
5 BR	$2,703	Not available	1.2%
6 BR	$3,108	Not available	1.2%
7 BR	$3,574	Not available	1.2%
8 BR	$4,110	Not available	1.2%

Purchase Price Calculator

Maximum purchase price

$177,329

Cost breakdown

+Likely effective rent$1,610

HUD FMR$1,460

Market rent$1,870

Est. payment standard (110%)Used$1,610

-Principal and interest-$897

Loan amount$141,863

Down payment$35,466

Rate6.50%

Term30 years

-Operating costs-$513

Property taxes-$177

Insurance-$175

Utilities$0

HOA$0

Management-$161

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$25,918(73.1% ROI)

Projected value

$190,964

Return breakdown

Property appreciation+$13,635

Loan principal paid down+$5,083

Rental cash flow+$7,200

5-year hold

+$44,366(125.1% ROI)

Projected value

$200,631

Return breakdown

Property appreciation+$23,302

Loan principal paid down+$9,064

Rental cash flow+$12,000

10-year hold

+$95,264(268.6% ROI)

Projected value

$226,996

Return breakdown

Property appreciation+$49,667

Loan principal paid down+$21,597

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.04ratio

FMR$1,200

Market$1,150

vs market+$50

FMR is near market; voucher and private rents are aligned.

1.04

1 BR

1.01ratio

FMR$1,210

Market$1,200

vs market+$10

FMR is near market; voucher and private rents are aligned.

1.01

2 BR

0.78ratio

FMR$1,460

Market$1,870

vs market-$410

FMR is below market; voucher rent may lag private rents.

0.78

3 BR

0.95ratio

FMR$2,000

Market$2,100

vs market-$100

FMR is near market; voucher and private rents are aligned.

0.95

4 BR

0.96ratio

FMR$2,350

Market$2,440

vs market-$90

FMR is near market; voucher and private rents are aligned.

0.96

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 22801 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 22801 (Harrisonburg, VA) is $1,460 a month. That is down 7.6% from $1,580 in FY 2026. Harrisonburg is in the Harrisonburg, VA MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,264. Among 24 ZIP codes in Rockingham County, 22801 has the 2nd-highest two-bedroom rent (county range $1,190–$1,710). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 22801 is 16% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 22801
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,250	$1,200	−4.0%	$1,080–$1,320
1BR	$1,260	$1,210	−4.0%	$1,089–$1,331
2BR	$1,580	$1,460	−7.6%	$1,314–$1,606
3BR	$2,150	$2,000	−7.0%	$1,800–$2,200
4BR	$2,540	$2,350	−7.5%	$2,115–$2,585

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 22801
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,200	$1,210	$1,460	$2,000	$2,350
FY 2026	$1,250	$1,260	$1,580	$2,150	$2,540
FY 2025	$1,220	$1,230	$1,570	$2,120	$2,610
FY 2024	$1,030	$1,030	$1,340	$1,800	$2,270
FY 2023	$880	$880	$1,160	$1,540	$1,980

Two-bedroom rent in nearby Rockingham County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 22801
22801Current	$1,460	—
22802	$1,230	−15.8%
22811	$1,190	−18.5%
22812	$1,290	−11.6%
22815	$1,190	−18.5%
22820	$1,190	−18.5%
22821	$1,190	−18.5%
22827	$1,190	−18.5%
22830	$1,190	−18.5%
22831	$1,190	−18.5%
22832	$1,380	−5.5%
22833	$1,230	−15.8%

Questions about ZIP 22801 rents

How much will Section 8 pay for a two-bedroom in ZIP 22801?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,264, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,138 to $1,390 a month; under the ZIP-level Small Area FMR of $1,460 it would be $1,314 to $1,606. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 22801 in?

ZIP 22801 is in the Harrisonburg, VA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,264.

How much did fair market rent change in ZIP 22801 for FY 2027?

The two-bedroom FMR fell 7.6%, from $1,580 in FY 2026 to $1,460 in FY 2027. Since FY 2023 it has risen 25.9%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rent Harrisonburg, VA fair market rent VA statewide rents What is SAFMR?Data sources