Location: Johnstown, PA | Metro: Johnstown, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The median income in ZIP code 15951 stands at $58,104, placing significant constraints on the financial capacity of households to afford the market rate rent of $992 per month. This makes it challenging for many residents to secure housing without financial assistance.
In contrast, the Section 8 voucher payment standard for Fair Market Rent (FMR) is set at $860 per month for the fiscal year 2024. This lower figure aligns more closely with the economic realities faced by the majority of the 633 residents in this area, where nearly 20% are renters.
The affordability gap between the market rate ($992) and the FMR ($860) highlights a potential challenge for landlords. Attracting tenants who can pay the market rate might be difficult given the median income levels. As a result, landlords could face increased competition when seeking to fill units at market rates.
Landlords considering their rental strategy should weigh the benefits of accepting Section 8 vouchers against the stability of cash-paying tenants. While vouchers offer a guaranteed and consistent source of income, albeit at a lower rate, they ensure a steady stream of rental payments. On the other hand, cash-paying tenants, if found, would provide higher monthly rents but come with the risk of default or inability to meet the market rate over time.
The takeaway for landlords is clear: in ZIP 15951, where the median income is relatively low, embracing a mix of both voucher and cash-pay strategies could be advantageous. It allows landlords to balance the security of government-backed payments with the possibility of earning higher rents from those who can afford it. This approach can mitigate risks while maximizing occupancy rates and income stability.
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.