Location: Indiana 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 | $730 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $148,251 | 0.68% | D |
| 3BR | $1,400 | $195,634 | 0.72% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP code 15732, Creekside, PA, does not favor landlords. The Fair Market Rent (FMR) set at $930 for fiscal year 2024 contrasts sharply with the actual market rent reported at $725 according to Census ACS data. This discrepancy means that landlords relying on Section 8 vouchers will struggle to cover their costs at the higher FMR rate, while those charging market rates will find it difficult to attract voucher holders.
Acquisition of properties in this area is relatively affordable, with a median home value of $167,364. However, the lack of data on days on market (DOM) and the percentage of homes needing price cuts indicates that the local real estate market might be less active or stable compared to other regions. This could pose challenges for new investors looking to enter the market quickly or at optimal prices.
Tenant demand is modest given the population size of 1,606 and a renter share of 12.5%. These figures suggest a limited pool of potential tenants, which could affect the occupancy rates and the speed at which properties can be leased. Landlords should prepare for a potentially slower leasing process and possibly lower occupancy levels.
In summary, ZIP 15732 presents a challenging environment for landlords and small-portfolio investors due to unfavorable rent math and moderate tenant demand. While property acquisition remains affordable, the lack of robust market activity and the mismatch between FMR and actual rents pose significant operational hurdles. Investors should proceed with caution and consider these factors carefully before making any investment decisions in this area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.