Location: Johnstown, PA | Metro: Johnstown, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
ZIP code 15906, located within the Johnstown, PA Metropolitan Statistical Area (MSA), presents an interesting profile when compared to other ZIP codes in the same region. The Fair Market Rent (FMR) for ZIP 15906 is set at $850 for fiscal year 2024, which is higher than the market rent of $670. This indicates that while the government's benchmark for affordable housing is $850, actual rents are lower, suggesting a potential opportunity for landlords who can offer properties at market rates while still qualifying for Section 8 subsidies.
The median home value in ZIP 15906 stands at $42,872, significantly below the average home values seen in the broader Johnstown, PA MSA. This low home value could be indicative of distressed properties or areas where investment might yield substantial returns if improvements are made. It also suggests that this ZIP code may cater to a lower-income demographic, which aligns with the relatively high renter share of 34.5%.
In the context of the Johnstown, PA MSA, ZIP 15906 appears to be a value pocket. Its characteristics include below-average home values and a higher-than-average renter share, which often signal areas where Section 8 tenants can find suitable housing. The discrepancy between the FMR and the market rent, combined with the low home values, points to a neighborhood where small-portfolio investors and landlords could leverage the Section 8 program effectively.
To summarize, ZIP 15906 is positioned as a value pocket within the Johnstown, PA MSA. It offers opportunities for landlords willing to accept market rents that are below the FMR threshold and for investors looking to acquire properties at a lower cost. The high renter share, coupled with low home values, makes it a prime candidate for Section 8 participation, potentially offering steady income streams without the need for premium pricing.
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.