Location: Elk County, PA | Metro: Cameron County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The ZIP code 15834, with a population of 4,015, has a significant portion of its residents as renters at 28.2%. This indicates a notable demand for rental properties, making it a suitable area for landlords and small-portfolio investors interested in attracting Section 8 tenants. The median household income in this ZIP code is $50,609, which provides a baseline for understanding the financial capabilities of potential tenants.
The typical market rent of $690 in this area represents a substantial portion of the median income. Specifically, the average rent consumes approximately 13.6% of the median household income. This percentage is calculated by dividing the market rent by the median income and multiplying by 100. While this figure might seem manageable, it's important to note that the Federal Market Rent (FMR) for the metro area is set at $970 for FY 2026. This suggests that there could be a discrepancy between the actual rents being paid and the FMR, indicating a potentially underserved market for affordable housing.
The disparity between the market rent and the FMR also points towards a scenario where landlords in ZIP 15834 can expect a high volume of applications from tenants holding vouchers. These tenants will likely have a strong preference for units that are priced closer to the market rate but still within the range of their voucher assistance. Given the relatively lower market rent compared to the FMR, landlords may find it advantageous to price their units slightly above the market rate but below the FMR to attract these tenants without overpricing themselves out of the market.
A landlord in ZIP 15834 should anticipate a tenant pool primarily composed of low-income individuals and families who rely on rental assistance programs such as Section 8. These tenants will typically have a household income around or below the median of $50,609. Landlords must ensure that their units meet the necessary standards and qualifications to participate in the Section 8 program, including passing inspections and adhering to fair housing laws.
In summary, ZIP 15834 presents a favorable environment for landlords looking to engage with the Section 8 tenant pool. With a sizeable proportion of renters and a market rent significantly below the FMR, the potential for attracting voucher holders is high. However, landlords must be prepared to manage tenants with lower incomes and adhere to the requirements of the Section 8 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.