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 analysis for ZIP code 15364 reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent, which has implications for both landlords and small-portfolio investors. The FMR for the metro area in fiscal year 2026 is set at $1,010, whereas the market rent, according to Census ACS data, stands at $682. This discrepancy amounts to a difference of $328, representing an increase of approximately 48% from the market rent to the FMR.
Given that the FMR exceeds the market rent, it positions ZIP 15364 as a favorable yield play for those willing to accommodate Section 8 voucher tenants. Landlords who accept these vouchers can benefit from higher rental income compared to what they might receive from non-voucher tenants. The additional revenue can help offset costs and improve cash flow, making it particularly attractive in areas where the percentage of renters is high, such as the 20.6% observed in ZIP 15364.
The median income in ZIP 15364 is $62,125, which suggests that many residents could be eligible for housing assistance programs, including Section 8. Although the median home value is not available, the high proportion of renters indicates a strong potential demand for subsidized housing units. For investors, this scenario means that properties accepting Section 8 vouchers could remain occupied at a higher rate, reducing vacancy costs and providing a stable income source.
However, there are considerations beyond just the higher rent. Accepting Section 8 tenants comes with compliance requirements and oversight from the government. Additionally, the rent received through vouchers is typically fixed and may not adjust as quickly as market rents if the local economy improves. Despite these factors, the gap between the FMR and market rent in ZIP 15364 makes it a compelling option for those looking to maximize their investment returns while serving a population that benefits from affordable housing options.
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.