Location: Clearfield County, PA | Metro: Clearfield County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 15849 is projected to be $1,170 in fiscal year 2026. This figure must be evaluated against the cost of owning a property, particularly the mortgage payment on a median-priced home of $109,469. While the exact mortgage rate for Penfield, PA, was not directly obtained, recent national trends indicate that mortgage rates are in the low to mid-6% range. Assuming a 6% interest rate on a 30-year fixed mortgage, the monthly principal and interest payment on a $109,469 home would be approximately $660. This amount is significantly lower than the FMR, suggesting that rental income could comfortably cover the mortgage payment.
A skeptical investor might question whether the 18.9% share of renters in Penfield indicates sufficient demand. While this percentage is relatively low compared to urban centers, it still represents a viable market segment. The presence of 48 rental properties listed around ZIP 15849 suggests that there is ongoing demand from tenants. However, the data does not provide a comprehensive view of the total number of renters or the vacancy rate, which would offer a clearer picture of the rental market's health.
The concern about whether Housing Choice Vouchers will keep pace with market rents of $1,049 is valid. The voucher amount is typically adjusted annually based on the local fair market rent. In ZIP 15849, the FMR is expected to be $1,170 in fiscal year 2026, indicating a positive trend for voucher recipients. However, the actual increase in voucher amounts is subject to federal budgetary decisions and may not always match the FMR perfectly. Landlords should monitor local housing authority announcements for precise updates on voucher amounts.
In conclusion, while the data provides a basis for assessing the viability of investing in ZIP 15849 under Section 8, some aspects require closer monitoring. The projected FMR covers the mortgage payment, and there is evidence of rental demand. Yet, the dynamics of voucher adjustments and overall rental market conditions warrant continuous attention.
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.