Location: Elk County, PA | Metro: Elk County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
4.3% of renters in ZIP code 15821 highlight a modest demand for rental properties. This share indicates that while the majority prefer homeownership, there is still a segment of the population seeking rental options. $127,505 stands as the median home value, suggesting a middle-class area where property investments can yield reasonable returns. However, the lack of specific market rent data means that landlords must rely on other indicators to set competitive rates. $55,313 is the median income figure, providing insight into the financial capacity of potential tenants. Given these economic conditions, landlords should consider setting rents that align closely with the area's median income to attract stable tenants. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,000, which serves as an upper limit for Section 8 payments in this region. Without specific data on days on market (DOM) or the percentage of price-cut share, it's challenging to gauge the exact speed of the rental market or the necessity for price adjustments. Nonetheless, the combination of moderate renter share and a defined FMR provides a framework for pricing strategies. In conclusion, landlords and small-portfolio investors in ZIP code 15821 can expect a balanced rental market, with Section 8 being a viable option given the $1,000 FMR cap.
Section 8 verdict: Feasible, with a clear understanding of the local median income and FMR limits.
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.