Location: Venango County, PA | Metro: Mercer County, PA
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 | $720 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,420 | $200,710 | 0.71% | D |
U.S. Census Bureau data (2024)
The median income in ZIP code 16153 stands at $63,750, which places significant constraints on how much a typical household can afford to spend on rent. The market rate for rent, according to Census ACS data, is $853 per month. This amount represents a substantial portion of the average household's monthly income, assuming a conservative budget where housing costs do not exceed 30% of income. Given the median income, an affordable rent would be around $1,593.75 ($63,750 / 12 * 0.3), making the current market rate of $853 somewhat manageable but still a tight squeeze for many residents.
In comparison, the Fair Market Rent (FMR) set by the government for ZIP code 16153 in fiscal year 2024 is $880 per month. This figure is slightly higher than the market rate, indicating that while the FMR is designed to reflect what is considered fair and reasonable for rental payments, it may still pose a challenge for households earning the median income. The $27 difference between the market rate and the FMR suggests that voucher holders might have a slight advantage in securing housing, as they can potentially cover the higher FMR without additional financial strain on the household.
With 20.1% of the 2,234 population being renters, the competition among landlords in ZIP 16153 is moderate. However, the affordability gap means that landlords who accept vouchers could find themselves with a steady stream of tenants willing to pay the FMR, even if it's marginally above the market rate. Conversely, landlords who rely solely on cash-paying tenants must ensure their properties offer value at the lower market rate, which could involve maintaining high standards of living conditions and amenities to attract and retain tenants.
The takeaway for landlords is clear: accepting vouchers can provide a reliable source of income, albeit slightly below the market rate, and reduce vacancy rates. On the other hand, focusing on cash-paying tenants requires positioning properties competitively within the $853 market rate, which may necessitate offering better quality or services to stand out in a moderately competitive rental market. Landlords should consider the balance between these two strategies based on the specific dynamics of ZIP 16153, including tenant preferences and the local economic environment.
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.