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)
The market in ZIP code 15956 presents a dynamic scenario that is indicative of the balance between supply and demand. With a Fair Market Rent (FMR) set at $850 for the fiscal year 2024, it suggests that the government has established a benchmark rent that reflects the average cost of decent-quality rental units in the area. This figure is higher than the reported market rent of $738, based on the latest Census American Community Survey (ACS) data. This discrepancy implies that there might be a slight oversupply of rental properties, as the actual rents charged are lower than the FMR.
The median home value of $74,217 indicates a relatively affordable housing market. However, without specific percentages for price-cut shares and days on market (DOM), it's challenging to pinpoint exact trends regarding property pricing adjustments or how quickly homes are being sold. Despite these limitations, the median home value can suggest that homeownership remains accessible for many residents, potentially reducing long-term housing pressure.
A 13.0% renter share in the population is notably low, which could imply that homeownership is the preferred choice for most individuals in this ZIP code. This preference for owning rather than renting can contribute to a stable housing market, but it also means that any shift towards higher rental demand could lead to increased pressure on available rental units. The low renter share suggests that the rental market might be less volatile compared to areas with higher proportions of renters, as fewer people are likely to be affected by changes in rental prices or availability.
In summary, ZIP 15956 appears to be a market where supply slightly exceeds demand, especially in the rental sector, with an emphasis on homeownership. The dynamics between these factors create a unique environment where affordability is key, and the rental market remains somewhat insulated due to the lower proportion of renters.
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.