Location: Armstrong County, PA | Metro: Armstrong County, PA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $112,273 | 0.95% | C |
| 3BR | $1,400 | $148,801 | 0.94% | C |
U.S. Census Bureau data (2024)
The rent math in ZIP code 15673, located in North Apollo, PA, within the Armstrong County, PA HUD Metro FMR area, does not work favorably for landlords. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $850, whereas the Census ACS reports the market rent at $775. This indicates that landlords might struggle to cover costs if they aim to align their rents with the FMR.
Regarding acquisition affordability, the median home value stands at $123,592, which is relatively low compared to other areas. However, the lack of data on days on market (DOM) and the percentage of homes requiring price cuts suggests that the housing market's liquidity and pricing dynamics are unclear. This ambiguity can pose challenges for potential acquisitions, especially when considering the need for timely sales and adjustments.
Tenant demand is limited in this ZIP code. With a total population of 1,156, only 13.2% of residents are renters. This small renter share implies that finding tenants willing to pay the higher FMR might be difficult, given the overall low number of potential renters. Landlords must be prepared to compete for a smaller pool of tenants.
Verdict: The rent math in ZIP 15673 does not work in favor of landlords due to the discrepancy between the FMR and the actual market rent. Acquisition is affordable based on the median home value, but the lack of data on DOM and price-cut percentages introduces uncertainty. Tenant demand is weak, with only 13.2% of the population being renters. Given these factors, investment in this ZIP code is not advisable unless landlords can secure lower acquisition costs or find ways to reduce operational expenses significantly to make up for the lower market rents.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.