Location: Indiana County, PA | Metro: Johnstown, PA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,430 | $196,817 | 0.73% | D |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors targeting ZIP code 15961 in the Indiana County, PA metro area reveals several key points. The Fair Market Rent (FMR) set by HUD for this zip code for fiscal year 2024 is $850. In contrast, the market rent as per the Census ACS data stands at $894. This indicates that voucher tenants will cashflow marginally at the FMR rate, requiring landlords to seek out slightly higher rents or premium units to ensure positive cashflow.
To further understand the investment potential, consider the median home value in ZIP 15961, which is $79,483. Using the HUD FMR of $850, we can calculate a rent-to-price ratio of approximately 13.3%. This ratio suggests that rental income could be a significant portion of the total property value, making it an attractive option for investors focused on generating rental income. However, it also implies that the property values are relatively low, which might affect long-term appreciation prospects.
In terms of rent-versus-buy dynamics, the median Days on Market (DOM) and the percentage of homes that experience price cuts are not available. Nonetheless, these metrics would typically influence how quickly properties can be sold and at what price, which is crucial for investors looking to exit their investments quickly. Given the limited data on DOM and price cut percentages, the focus should remain on the current cashflow potential and stability of the rental market.
The strongest investor angle in ZIP 15961 is likely the stability of the rental market, given the close alignment between the HUD FMR and market rent rates. This stability ensures a consistent stream of rental income, which is essential for long-term investment success in this area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.