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 | $131,458 | 0.77% | D |
| 3BR | $1,340 | $165,134 | 0.81% | C |
| 4BR | $1,340 | $162,544 | 0.82% | C |
| 5BR | $1,554 | $196,159 | 0.79% | D |
U.S. Census Bureau data (2024)
ZIP code 15857 encompasses a portion of Saint Marys, Pennsylvania, characterized by a modest-sized community with a total population of 12,736. Approximately 22.1% of residents are renters, indicating a primarily owner-occupied environment with a noticeable but not overwhelming rental presence. The median household income stands at $67,662, reflecting a middle-class area where families can afford comfortable living conditions. Median home values in the region are set at $151,315, suggesting an affordable housing market.
The economic landscape for rental properties in Saint Marys, as defined by ZIP 15857, is intriguing. According to the Fair Market Rent (FMR) established by HUD for fiscal year 2026, the metro area's FMR is $980. This figure contrasts sharply with the actual market rent reported by the Census Bureau's American Community Survey (ACS), which is $762. This discrepancy highlights a potential opportunity for landlords and small-portfolio investors who could leverage the higher FMR rates through Section 8 Housing Choice Vouchers.
Given these metrics, ZIP 15857 presents itself as a suitable location for both hands-off voucher operators and hands-on value-add buyers. For those preferring a hands-off approach, the difference between the FMR and market rent offers a buffer that ensures profitability when using Section 8 vouchers. On the other hand, hands-on investors can capitalize on the lower market rents by improving property values and increasing rental income, potentially aligning with the FMR over time. Both strategies can be effective depending on the investor's goals and resources.
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.