Location: Somerset County, PA | Metro: Johnstown, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
The ZIP code 15904, with a population of 16,026, is moderately renter-heavy. Renters account for 27.2% of the total population, indicating a significant portion of residents who rely on rental housing. The median household income stands at $67,394, which provides a benchmark for understanding the financial capabilities of potential tenants.
The typical market rent of $861 is notably lower than the Fair Market Rent (FMR) of $1000 for FY 2024, suggesting that there is a substantial gap between what the market offers and what is considered fair. This discrepancy can be advantageous for landlords as it means they could potentially charge closer to the FMR and still attract tenants. However, it also implies that there might be competition from other landlords offering lower rents.
To further analyze the suitability of this ZIP code for Section 8 tenants, we must consider the proportion of income that goes towards rent. At $861 per month, the typical rent eats up approximately 15.7% of the median household income. This is calculated by dividing the monthly rent by the annual median income and multiplying by 12. The formula used is: ($861 / $67,394) * 12 = 15.7%. This figure is relatively low, making it feasible for households to afford rent even when their incomes are limited.
Comparing the market rent to the FMR reveals that the typical rent is only 86.1% of the FMR. This suggests that while the market rent is lower, it still represents a significant portion of the FMR. For Section 8 tenants, whose rent contributions are capped at 30% of their income, the $861 market rent is well within their budgetary constraints.
A landlord in ZIP 15904 should expect a tenant profile that includes individuals and families who are likely to benefit from rental assistance programs such as Section 8. These tenants will generally have an income below the median, and their rent contribution would typically be around 30% of their income. Given the FMR and the market rent, landlords can anticipate a steady demand for affordable housing units that accept Section 8 vouchers.
In summary, ZIP 15904 presents a viable market for Section 8 tenants, with a notable demand for rental housing and rents that are both lower than the FMR and affordable relative to local incomes. Landlords can expect to see a mix of tenants who require rental assistance, ensuring a stable occupancy rate.
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.