Location: Johnstown, PA | Metro: Johnstown, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 15738 in fiscal year 2024 is set at $870. This figure represents the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will pay through the Section 8 program for a unit in this area. It's important to note that this is the payment standard, which does not necessarily reflect the actual rent you can charge your tenants.
The FMR of $870 is a key benchmark for landlords participating in Section 8, as it limits the subsidy they can receive per unit. However, this does not mean you should set your rent at exactly $870. Landlords typically charge a higher rent, with the tenant responsible for the difference between the FMR and the total rent. For instance, if you set your rent at $1,000, the government would cover $870, and the tenant would be responsible for the remaining $130.
Regarding local market conditions, the median rent for ZIP 15738 is currently unavailable. However, using the national average renter share of income, which is around 3.3%, we can infer demand for affordable housing. If we assume an average income in the area, this share suggests that a significant portion of potential renters could benefit from the Section 8 program.
The acquisition cost for properties in this ZIP code is also currently unavailable. However, understanding these costs is crucial for evaluating whether a property is a good investment under the Section 8 program. You must ensure that the total rent, including the tenant's contribution, covers your expenses and provides a reasonable profit margin.
Before committing to a Section 8 rental property, verify that your property meets all the necessary requirements for participation in the program. This includes ensuring that your unit passes a quality inspection known as the Housing Quality Standards (HQS), and that the rent you charge is reasonable compared to similar units in the area. These steps are essential to avoid any complications and to ensure compliance with HUD regulations.
In summary, while the FMR of $870 sets the ceiling for government subsidies, it does not dictate your rent. The 3.3% renter share indicates a likely demand for affordable housing, making Section 8 an attractive option for landlords. Ensure your property meets HQS and has a reasonable rent to maximize the benefits of the program.
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.