Section 8 Fair Market Rent (FMR) for ZIP 15510 - 2027
Location: Somerset County, PA | Metro: Somerset County, PA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $750 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$N/A
To determine if you should buy in ZIP code 15510 for Section 8 investments, follow these steps:
- If the Fair Market Rent (FMR) of $970 clears the debt service on a property:
- Proceed to the next step.
- If the FMR of $970 does not cover the debt service:
- No. It is not advisable to purchase in this area for Section 8 purposes as the rental income will not be sufficient to meet financial obligations.
The next consideration is the relationship between the market rent and the FMR. Since the specific market rent data for ZIP 15510 is currently unavailable, we must infer based on typical scenarios:
- If the market rent is above the FMR of $970:
- It depends. While the potential for higher market rents exists, landlords should consider that Section 8 tenants will only pay up to the FMR. This scenario requires careful analysis of the local housing market and tenant preferences.
- If the market rent is equal to or slightly below the FMR of $970:
- Yes. This aligns well with the FMR, making it feasible to attract both market-rate and Section 8 tenants, thus stabilizing the rental income.
The final factor is the demand for rentals in the area. The percentage of renters and the days on market (DOM) provide insight into this demand:
- If there is a high percentage of renters and a low DOM:
- Yes. Strong demand signals a good opportunity for Section 8 properties, as they are likely to be occupied promptly.
- If the percentage of renters is low and/or the DOM is high:
- No. Weak demand suggests that even if you can find Section 8 tenants, the process might be slow and challenging, impacting your cash flow negatively.
Note: Specific percentages and DOM figures are required to make a definitive decision. Without precise data, the decision hinges on the interplay between the FMR, market rent, and overall rental demand in ZIP 15510.
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.