Location: Somerset County, PA | Metro: Somerset County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The ZIP code 15560 presents a dynamic rental market that is currently experiencing a shift towards higher rents. The Fair Market Rent (FMR) for the area, set at $970 for fiscal year 2026, indicates a government benchmark reflecting the cost landlords should aim for to maintain profitability without being considered overpriced. In contrast, the actual market rent stands at $725, based on Census ACS data. This suggests that there is upward pressure on rents, as the market is likely to move towards the FMR over time.
The renter share of 11.5% implies a relatively low proportion of renters compared to homeowners in the area. However, this does not necessarily mean that the demand for rentals is low. Instead, it points to a potential long-term housing pressure, as areas with a lower renter share often see increased demand as the population grows and more individuals seek rental properties. Landlords and small-portfolio investors should be prepared for a gradual increase in rental rates as the market adjusts to meet the FMR.
While specific data regarding price-cut share, days on market (DOM), and median home value are not available, the gap between the FMR and the current market rent can be indicative of several market dynamics. Firstly, it could suggest that the current supply of rental units meets or slightly exceeds demand, allowing rents to remain below the FMR. Secondly, the lack of data on price-cut share and DOM might imply that the rental market is stable, with few properties needing to be discounted or staying on the market for extended periods.
In summary, ZIP 15560 is a market in flux, with rents poised to rise towards the FMR. The relatively low renter share signals a potentially growing demand for rentals, which could lead to increased competition among landlords. Investors should monitor local economic indicators and population trends to understand how these factors will influence the rental market in the coming years.
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.