Location: Greene County, PA | Metro: Greene County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for a two-bedroom unit in ZIP 15353 for fiscal year 2026 is $1,010. If we annualize this, we get a yearly rent of $12,120. Using the median home value of $243,300, the implied gross yield for a Section 8 property would be:
\( \frac{12,120}{243,300} = 0.0498 \) or 4.98%.
Unfortunately, the market rent for a two-bedroom unit in ZIP 15353 is not available. However, considering the 0.0% renter density and the fact that the majority of the housing stock is owner-occupied, it is unlikely that market rents would provide a significantly higher gross yield compared to the Section 8 scenario.
The lack of rental activity suggests that the local market is primarily focused on homeownership rather than renting. Additionally, the median household income of $141,136 is well above the national median, indicating that many residents can afford to buy homes instead of renting. This low renter density makes it difficult to assess the potential for higher market rents, and thus, the gross yield comparison remains inconclusive.
Given the limited rental market, the Section 8 program represents a stable source of tenants and rental income. The 4.98% gross yield, while modest, offers a predictable cash flow and is likely more realistic than assuming higher market rents in a predominantly owner-occupied ZIP code.
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.