Section 8 Fair Market Rent (FMR) for ZIP 16038 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 16038

• HOUSING AUTHORITY OF THE COUNTY OF BUTLER (Butler, PA) - 2,047 Section 8 vouchers
• HOUSING AUTHORITY OF THE CITY OF OIL CITY (Oil City, PA) - 561 Section 8 vouchers
• HOUSING AUTHORITY OF THE CITY OF FRANKLIN (Franklin, PA) - 155 Section 8 vouchers

Harrisville, Pennsylvania, located in ZIP code 16038, offers a stable environment for real estate investment, particularly in rental properties. The area's demographics and housing market provide insights into potential returns and risks for landlords and small-portfolio investors.

• The Fair Market Rent (FMR) for a two-bedroom apartment in Harrisville for fiscal year 2024 is set at $1020, indicating the government's benchmark for affordable housing in the region.
• The average market rent for the area, according to the latest Census American Community Survey (ACS), stands at $883. This figure suggests that the actual rental prices are slightly below the FMR, potentially offering room for modest price increases without alienating tenants.
• The median home value in Harrisville is $187,925, which is relatively low compared to many other areas in Pennsylvania, making it accessible for investors looking to enter the market with a smaller capital outlay.
• Renters make up 19.8% of Harrisville's population, pointing to a moderate demand for rental properties. While not as high as some urban centers, this percentage indicates a steady stream of potential tenants.
• The median income in Harrisville is $72,850, providing a glimpse into the financial capacity of residents. This income level supports the viability of renting at or near the FMR rates without significant barriers to entry for tenants.
• Data on days on market (DOM) for rental listings is currently unavailable, but this metric would be crucial for understanding how quickly properties can be leased in Harrisville.

Investors considering Harrisville as a location for rental properties should note the discrepancy between the FMR and the actual market rent. There is potential for slight rent increases, but the market remains competitive. The lower median home values suggest that Harrisville could be an attractive entry point for real estate investment, especially given the median income levels that support the rental market. However, the limited data on DOM highlights the need for further research to understand the leasing dynamics in the area.

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.