Location: Indiana County, PA | Metro: Indiana County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 15731, located in Indiana County, PA metro, reveals several key points that are crucial for landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for the area, set at $990 for fiscal year 2026, is the benchmark figure used by HUD for determining the maximum allowable rent for subsidized housing programs. However, since the market rent is listed as N/A, it's impossible to directly compare FMR against actual market rates. This lack of current market data could be a significant risk factor for investors aiming to align their rental prices with market conditions.
Regarding the affordability of acquisition, the median home value stands at $100,125, which is relatively low compared to many other areas across the country. Unfortunately, the data on Days on Market (DOM) and the percentage of homes that have experienced price cuts is also missing (N/A), making it difficult to assess how quickly properties sell and if they often require price reductions to attract buyers. Without these metrics, it's challenging to predict the ease of acquiring new properties in this ZIP code.
Tenant demand is another critical aspect. With a total population of 200 and a renter share of 18.0%, the potential tenant pool is quite limited. This small number suggests that finding tenants might be challenging, especially given the low renter share, which indicates that most residents prefer homeownership over renting. This dynamic could impact vacancy rates and the overall stability of rental income.
Verdict: Investing in ZIP code 15731 presents challenges due to the limited availability of comprehensive market data and a small, predominantly owner-occupied population. While the median home value is attractive, the lack of current market rent data and insights into property acquisition trends (such as DOM and price cut percentages) introduces uncertainty. Additionally, the low renter share implies that securing consistent tenant demand may be difficult, potentially leading to higher vacancy risks. For investors, this means thorough local research is essential to mitigate risks and ensure profitability.
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.