Location: Mercer County, PA | Metro: Mercer County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
U.S. Census Bureau data (2024)
ZIP code 16113, located within the Mercer County, PA metro, presents a unique profile when compared against typical ZIP codes in the same county. The Fair Market Rent (FMR) for ZIP 16113 is set at $1100 for fiscal year 2024, which is higher than the market rent of $688. This discrepancy suggests that the government's assessment of rental costs in this area exceeds what the private market currently charges.
The median home value in ZIP 16113 stands at $219,264, which is likely above the average for Mercer County. However, without specific data on the county-wide median home value, it's challenging to make a direct comparison. Nonetheless, the higher FMR relative to the market rent could indicate that ZIP 16113 offers a good opportunity for landlords participating in the Section 8 program, as they can potentially receive higher subsidies compared to the actual rental rates.
A key metric for investors is the renter share, which is 15.4% in ZIP 16113. This figure is important because it reflects the proportion of households that rent rather than own their homes. If the renter share is significantly higher than the average across Mercer County, it might suggest that there is a larger demand for rental properties, which could be beneficial for landlords.
Based on the available figures, ZIP 16113 appears to be a mid-tier neighborhood within its metro. It has a median home value that suggests it is neither the most affordable nor the most expensive area in Mercer County. Additionally, the higher FMR compared to market rent indicates a potential subsidy advantage for Section 8 landlords, but it does not necessarily qualify as a 'value pocket' given the lack of lower home values typically associated with such areas.
Investors should pay attention to the divergence between the FMR and market rent. A high renter share combined with below-average home values often signals a sweet spot for Section 8 investments, as it can mean higher subsidies relative to property costs. However, since ZIP 16113's home value is not explicitly below average for Mercer County, it does not fully meet the criteria for being a prime Section 8 location based solely on these figures.
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.