Section 8 Fair Market Rent (FMR) for ZIP 15358 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 15358

• WASHINGTON COUNTY HOUSING AUTHORITY (Washington, PA) - 1,016 Section 8 vouchers

Richeyville, PA, represented by ZIP code 15358, is a residential area with a mix of homeowners and renters. The local economy is influenced by the surrounding region's industries, providing a stable environment for real estate investments. Here’s a detailed market analysis based on key metrics:

• The Fair Market Rent (FMR) for Richeyville, PA, for fiscal year 2024 is set at $1070. This figure reflects the average rent that a household would pay for a standard unit, adjusted for the local housing market conditions.
• The market rent, according to the Census American Community Survey (ACS), stands at $761. This indicates that the actual rental prices in the area are below the FMR, offering potential opportunities for landlords to adjust their rates closer to the FMR without losing tenants.
• The median home value in Richeyville is $105,397. This relatively low figure suggests that the area is affordable for both first-time buyers and investors looking to purchase properties at a lower cost.
• The renter share of the population is 26.4%. This percentage shows that a significant portion of residents are likely to be renting, indicating demand for rental properties.
• The median income in the area is $103,789. This above-average income level suggests that residents have the financial capability to afford higher rents, making it feasible for landlords to increase their rental prices towards the FMR.
• Unfortunately, the data for days on market (DOM) is not available. However, the combination of a moderate renter share and a median income that can support higher rents implies a steady demand for housing, which could translate into shorter times for property turnovers.

In summary, Richeyville, PA, offers a balanced real estate market with a mix of homeowners and renters. The gap between the actual market rent and the FMR presents an opportunity for landlords to increase their rental prices, while the median income supports such adjustments. The affordable median home value makes it an attractive location for small-portfolio investors seeking to enter the market. Despite the lack of specific DOM data, the overall economic indicators suggest a favorable investment climate.

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.