Location: Greene County, PA | Metro: Greene County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 15338 reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for the metro area in fiscal year 2026 is set at $1,140, while the Census ACS reports the average market rent at $884. This means there is a difference of $256 per month, or approximately 28%, between what landlords can charge through the Section 8 program and the prevailing market rates.
The disparity where FMR exceeds market rent makes this ZIP code a prime opportunity for landlords and small-portfolio investors interested in maximizing yields. By participating in the Section 8 program, landlords can secure rental income that is higher than the local market rate, thus increasing their profitability. For instance, a landlord renting an apartment for $884 on the open market could receive $1,140 through the Section 8 voucher system, effectively raising the monthly income by $256.
This yield play is further supported by the demographic context of ZIP 15338. With 17.0% of residents being renters and a median household income of $67,981, there is a notable demand for affordable housing options. Despite the lack of data on median home values, the income figures suggest that many families may rely on housing vouchers to meet their living expenses. Therefore, landlords who accept Section 8 vouchers are likely to benefit from stable tenancy and a guaranteed income stream that surpasses typical market rates.
However, it's important to note that accepting voucher tenants comes with certain responsibilities and potential costs. Landlords must ensure that their properties meet HUD's Housing Quality Standards (HQS), which can require maintenance and repairs that might not be necessary for non-voucher tenants. Additionally, the process of working with the housing authority can be bureaucratic and time-consuming, potentially offsetting some of the financial gains.
In conclusion, the gap between the FMR and market rent in ZIP 15338 presents a compelling case for landlords and investors to consider the Section 8 program as a means to enhance rental yields. The higher guaranteed rents can lead to better financial outcomes, especially given the local economic conditions and the prevalence of renters who may need assistance through housing vouchers.
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.