Location: Johnstown, PA | Metro: Johnstown, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
The ZIP code 15909 presents several potential challenges for landlords considering Section 8 investments. Tenant turnover is a significant concern, as the market rent stands at $806, which is below the Fair Market Rent (FMR) of $850 for fiscal year 2024. This discrepancy can lead to higher turnover rates, as tenants might seek units that offer the full FMR subsidy. Additionally, the vacancy exposure is notable due to the lack of available data on days on market (DOM), indicating uncertainty in how quickly properties can be filled. The deferred maintenance exposure is also substantial, given the typical home value of $83,950 and a median income of $61,016. Landlords must be prepared to manage properties with limited financial cushion from tenants, who may have difficulty covering unexpected repair costs.
Despite these risks, there are mitigating factors that make the ZIP code more appealing. The renter share of the population is 19.4%, which is relatively high. This high concentration of renters often translates into increased demand for housing vouchers, potentially stabilizing occupancy rates and reducing the impact of vacancy exposure. Furthermore, the higher renter density can create a robust pool of applicants, making it easier to find and retain tenants who are committed to their housing situation.
In conclusion, the risks associated with Section 8 investments in ZIP 15909 are moderate. While there are challenges related to tenant turnover and deferred maintenance, the high renter share offers some protection against vacancy issues and ensures a steady stream of potential tenants.
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.