Location: Elk County, PA | Metro: Elk County, PA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $81,808 | 1.23% | A |
| 3BR | $1,340 | $90,838 | 1.48% | A |
| 4BR | $1,340 | $82,692 | 1.62% | A+ |
U.S. Census Bureau data (2024)
The analysis of ZIP code 15845, encompassing Johnsonburg, PA, and the Elk County, PA metro area, reveals several key insights for potential landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $970. However, the current market rent, as per Census ACS data, stands at $581. This discrepancy indicates that landlords would need to either lower their rental expectations to align with the market or improve their properties significantly to justify higher rents. Given the gap between FMR and market rent, it's clear that the rent math does not currently work in favor of landlords aiming to charge closer to the FMR.
Regarding the affordability of acquisitions, the median home value in ZIP 15845 is $81,191. This figure suggests that property acquisition is relatively affordable compared to many other areas. However, due to the lack of data on days on market (DOM) and the percentage of homes requiring price cuts, it's difficult to provide a definitive assessment on how easy or challenging it might be to sell properties at or near the median value. Landlords should consider these factors when evaluating the purchase of properties in this area.
The third question concerns tenant demand. With a population of 3,121 and a renter share of 23.6%, there is a moderate demand for rental properties. While the number of renters is not overwhelming, it does present a viable market for those looking to invest in rental properties. It's important to note that the relatively low population size means that the rental market could be sensitive to changes in local employment or economic conditions.
In conclusion, ZIP 15845 offers an affordable entry point for acquiring properties, but the current market rent falls significantly short of the projected FMR. Tenant demand exists, albeit in a modest scale, making it suitable for cautious investors willing to adjust their rent expectations to the local market conditions. Landlords should carefully assess the local rental landscape and consider the potential for property improvements to increase rental income. Overall, while the area presents opportunities, it also requires strategic planning to ensure profitability.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.