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 | $810 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,430 | $237,948 | 0.6% | D |
U.S. Census Bureau data (2024)
The ZIP code 15686 presents a dynamic rental market with a Federal Market Rent (FMR) of $930 for fiscal year 2024. This figure indicates the government's benchmark for what it considers a reasonable rent for subsidized housing units. In contrast, the actual market rent as per the latest Census American Community Survey (ACS) data stands at $818. The gap between the FMR and the market rent suggests that there might be some flexibility in pricing, but it also points to a market where landlords can potentially adjust their rents closer to the FMR without losing tenants.
The median home value in ZIP 15686 is $204,087, which reflects the typical cost of homeownership in the area. While specific metrics such as the percentage of price cuts and days on market (DOM) are not available, the overall snapshot suggests that the rental market is relatively stable. A 11.6% renter share indicates a modest proportion of residents who are renting rather than owning their homes. This lower renter share could imply less immediate pressure on the rental market, but it also means that a significant portion of the population remains renters due to various factors, including affordability and lifestyle choices.
The dynamics of ZIP 15686 reveal a rental market that is influenced by the balance between homeownership and rental options. With a higher FMR compared to the market rent, there is room for growth in rental prices, especially if the area experiences an increase in demand or if more landlords seek to align their rents with the government's benchmark. However, the current data does not provide enough evidence to conclude whether supply is currently outpacing demand or vice versa.
In the long term, the 11.6% renter share suggests that the rental market will continue to face pressure, albeit at a moderate level. As long as a segment of the population chooses to rent, landlords and small-portfolio investors can expect steady demand for rental properties. This stability is crucial for planning and investment decisions, ensuring that there is a reliable tenant base even as the broader housing market fluctuates.
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.