Location: Clarion County, PA | Metro: Armstrong County, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The ZIP code 16224 is situated in a small, tight-knit community with a total population of 763 residents. Only 14.7% of these residents are renters, indicating a primarily owner-occupied area. The median household income in this ZIP code stands at $74,643, which suggests a middle-class neighborhood where most families can afford their housing costs without significant financial strain.
Despite the limited number of renters, the Federal Market Rent (FMR) for ZIP 16224 in fiscal year 2024 is set at $970. This figure represents the maximum amount that a landlord can charge for a Section 8 voucher. However, the actual market rent, according to the Census Bureau's American Community Survey (ACS), is significantly lower at $692 per month. This discrepancy means that landlords participating in the Section 8 program can potentially receive higher rents than the current market rate, making it an attractive option for those looking to stabilize their rental income.
Given the characteristics of ZIP 16224, it is well-suited for a hands-off voucher operator. The relatively high FMR compared to the market rent provides a buffer against any potential decreases in voucher amounts. Additionally, the low percentage of renters suggests that there might be fewer competing properties accepting vouchers, which could lead to a stable tenant pool.
On the other hand, the area may also appeal to a hands-on value-add buyer. With a median income of $74,643 and a median home value not reported, there is likely room for improvement in property values through renovations and upgrades. A hands-on investor could increase the property's market value and possibly command higher rents when the voucher program covers only a portion of the cost.
In conclusion, ZIP 16224 offers both hands-off and hands-on investors opportunities to leverage the Section 8 program effectively. For hands-off operators, the guaranteed rent at $970 is a reliable source of income. For hands-on buyers, the potential to enhance property value and capture additional market rent makes it a strategic choice.
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.