Location: Elk County, PA | Metro: Elk County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The ZIP code 15841 presents a dynamic rental market influenced by the Federal Market Rent (FMR) set at $1,000 for fiscal year 2026. This figure serves as a benchmark for Section 8 payments, indicating the government's valuation of fair market rental rates within the area. While specific market rent data is currently unavailable, the absence of recent market rent figures suggests either a lack of comprehensive reporting or a stable market where rents have not significantly fluctuated.
The unknown percentage of price-cut share and days on market (DOM) imply that there might be limited turnover in rental properties, possibly due to a steady occupancy rate or a balanced supply-demand relationship. However, the median home value being unspecified points towards a lack of detailed residential property analysis, which could indicate a diverse housing stock or insufficient data collection.
A noteworthy statistic is the 14.9% renter share, which highlights a significant portion of the population choosing to rent rather than own homes. This high renter share can be indicative of several factors affecting the local housing market. Firstly, it suggests that there might be long-term housing pressures, as a substantial number of residents prefer or require renting over buying. Secondly, it could point to affordability issues, making homeownership less accessible for many individuals. Lastly, this statistic might reflect the presence of transient populations such as students or young professionals who are more likely to rent.
In the context of Section 8, this ZIP code offers landlords a clear guideline for setting rental rates that align with government subsidies. The $1,000 FMR ensures that tenants participating in the Section 8 program can afford to live in the area without the burden of paying excessive rent beyond their means. For small-portfolio investors, understanding these dynamics is crucial for maintaining a competitive edge in the rental market while ensuring compliance with federal guidelines.
The market in ZIP 15841 appears to be in a state of flux, with the high renter share suggesting ongoing housing pressures. Landlords and investors must stay informed about changes in the rental landscape, particularly regarding any updates to the FMR and broader economic shifts that could impact the local rental market.
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.