Section 8 Fair Market Rent (FMR) for ZIP 16228 - 2027

Location: Armstrong County, PA | Metro: Armstrong County, PA HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$760
1 Bedroom	$850
2 Bedrooms	$1,090
3 Bedrooms	$1,430
4 Bedrooms	$1,490
5 Bedrooms	$1,728
6 Bedrooms	$1,935
7 Bedrooms	$2,090
8 Bedrooms	$2,195

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

409

Median Household Income

$70,833

Housing Units

180

Renter Percentage

8.3%

Occupancy Rate

93.3%

Renter Occupied

The ZIP code 16228, located in Venango County, Pennsylvania, is characterized by its modest living conditions and a blend of residential and industrial landscapes. The area offers a stable environment for both tenants and investors, with rental properties serving a significant portion of the local population.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 16228 for fiscal year 2024 is set at $1020.
The average market rent for properties in this ZIP code, according to the latest Census American Community Survey (ACS), stands at $1,250. This figure indicates that the actual rental prices slightly exceed the government-set FMR.
The median home value in ZIP 16228 is $101,514, reflecting the relatively affordable nature of homeownership in the region.
Renters make up 8.3% of the total housing units, suggesting a smaller but present demand for rental properties.
The median household income in this area is $70,833, providing insight into the financial capacity of potential renters.

Synthesizing these points, investors looking to enter the ZIP 16228 market should note the gap between the FMR and market rents, indicating a potential for slightly higher returns on investment compared to government benchmarks. With a median home value well below the national average, the area is attractive for first-time homebuyers and investors focusing on affordability. However, the relatively low renter share suggests that the rental market may be less competitive, though it also means that the demand for rentals might not be as high as in densely populated urban areas. Given the median income, there is a reasonable base of potential tenants who can afford the current market rents, making this a viable option for those interested in long-term rental investments.

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.