Location: Johnstown, PA | Metro: Johnstown, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
ZIP code 15773, located within the Johnstown, PA MSA, has a Fair Market Rent (FMR) of $850 for fiscal year 2024. This figure is crucial for understanding how it compares to other ZIP codes within the same metropolitan statistical area. However, the lack of specific market rent and home value data for ZIP 15773 limits our ability to make direct comparisons. Nonetheless, we can infer some characteristics based on the available data.
The 9.4% renter share indicates that a significant portion of residents in ZIP 15773 rely on rental housing. This is slightly above the national average, which suggests a higher demand for affordable rental units. Given that the FMR is set at $850, landlords in this ZIP should be aware that this is the benchmark price for subsidized housing under the Section 8 program. It means that rents above this amount might limit the eligibility of tenants receiving housing assistance.
To determine if ZIP 15773 is a value pocket, mid-tier neighborhood, or a premium sub-market, we need to consider the FMR relative to the broader Johnstown, PA MSA context. While specific market rent and home value data for the ZIP are not available, the FMR can serve as an indicator. If the FMR of $850 is notably lower than the typical market rents in the Johnstown, PA MSA, then ZIP 15773 could be considered a value pocket. Landlords here would benefit from offering properties at or just above the FMR, making them attractive to both Section 8 tenants and other renters looking for affordable options.
A high renter share combined with below-average home values often signifies a sweet spot for Section 8 investments. Although we do not have the home values for ZIP 15773, the high renter share coupled with the defined FMR suggests a potential concentration of affordable rental housing. This makes it likely that the ZIP is a value pocket within the metro, offering opportunities for landlords who can provide quality, affordable rental units.
Investors and landlords should focus on maintaining properties that meet the standards for Section 8 while positioning rents competitively. Engaging with local real estate trends and data will help in making informed decisions about pricing and investment strategies in ZIP 15773.
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.