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 |
The market in ZIP 15907, located in Pennsylvania, presents an intriguing dynamic that suggests it is a market in motion. The Fair Market Rent (FMR) for the area stands at $860 for fiscal year 2024, which indicates a stable rental environment. However, the lack of available data on market rent, price-cut share, days on market (DOM), and median home value points to a scarcity of recent transactions, hinting at either low activity levels or limited transparency in the housing market.
Despite the absence of specific figures, the fact that the FMR is set and known while other metrics remain undefined can be interpreted as a sign of regulatory stability but also potential underactivity in the private rental sector. This could mean that the supply of rental units is closely matching the demand, or there might be a lack of sufficient rental properties to generate a robust dataset for analysis. In such a scenario, landlords and small-portfolio investors must closely monitor local trends to ensure their properties are priced competitively.
The undefined percentage of renter share in the ZIP code suggests ambiguity regarding the proportion of renters versus homeowners. A higher renter share typically correlates with increased long-term housing pressure, as more residents seek rental accommodations rather than purchasing homes. Conversely, a lower or undefined renter share might imply that homeownership is prevalent, potentially reducing immediate competitive pressures on rental properties. Nonetheless, without precise figures, it's challenging to draw definitive conclusions about the long-term housing pressure in ZIP 15907.
In summary, ZIP 15907 appears to be a market characterized by regulatory stability but with unclear supply-demand dynamics due to limited transactional data. Investors should focus on understanding the local context, including employment trends, population growth, and the availability of rental units, to make informed decisions. The current FMR provides a benchmark for rental pricing, but the true nature of the market will require further investigation into the local economic conditions and housing needs.
Data Sources: FMR data from HUD (2027).
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.