Location: Johnstown, PA | Metro: Johnstown, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
U.S. Census Bureau data (2024)
In ZIP code 15938, there are several potential pitfalls for first-time Section 8 landlords. The primary concern is tenant turnover, which is likely to be higher due to the difference between the market rent of $823 and the Fair Market Rent (FMR) of $850 for fiscal year 2024. This discrepancy can lead to frequent changes in occupancy, causing additional administrative burdens and costs associated with re-leasing units.
Vacancy exposure is another critical issue. With the days on market (DOM) being listed as N/A, it's challenging to predict how long it might take to fill vacancies. In a competitive rental market, extended periods of vacancy can significantly impact cash flow and profitability.
The deferred maintenance exposure is also noteworthy. Given the typical home value of $117,278 and a median income of $71,250, tenants may struggle to afford repairs and maintenance beyond their basic living expenses. Landlords must be prepared to cover these costs themselves, which can strain budgets and reduce overall returns.
However, these risks are tempered by the high concentration of renters in the area, with 9.6% of residents classified as renters. High renter density often correlates with increased demand for housing vouchers, making it easier to find tenants willing to use Section 8 vouchers. This factor can stabilize occupancy rates and provide a steady stream of rental income.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.