Location: Mercer County, PA | Metro: Mercer County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The ZIP code 16151 represents a suburban area characterized by a relatively small population of 52,000 residents. With 28.6% of the population renting their homes, it indicates a modest demand for rental properties. The median household income stands at $73,958, suggesting a middle-class community where financial stability is present among its inhabitants.
Regarding the rental market, the Fair Market Rent (FMR) for ZIP 16151 in fiscal year 2024 is set at $860. This figure is crucial for Section 8 landlords as it defines the maximum allowable rent for subsidized units. However, specific data on the average market rent is currently unavailable, which makes it challenging to directly compare FMR against the local rental rates. Despite this gap, the FMR provides a benchmark for affordability in the region.
Given these parameters, ZIP 16151 might be suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the stability of the Section 8 program can provide a predictable stream of income without the need for active property management. On the other hand, for those interested in value-add strategies, there could be opportunities to improve the quality of rental properties and potentially charge rents closer to the FMR, especially if the local market rent is higher but not quantified here.
Investors should focus on the potential for property appreciation and the overall economic health of the area when deciding whether to enter this market. The presence of a stable middle-income demographic supports the viability of rental investments, particularly those that cater to the needs of families and individuals eligible for housing assistance.
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.