Location: Armstrong County, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
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 | $1,020 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,020 | $146,053 | 0.7% | D |
| 3BR | $1,330 | $213,272 | 0.62% | D |
| 4BR | $1,400 | $312,856 | 0.45% | F |
U.S. Census Bureau data (2024)
The real estate market in ZIP 16229, Freeport, PA, presents a nuanced picture that reflects both challenges and opportunities for landlords and small-portfolio investors. With a median home value set at $207,600, the area is positioned in a middle-tier range, which is indicative of an affordable living space that attracts a diverse array of buyers. However, the fact that the percentage of listings reduced is not available suggests a stable market where neither significant price reductions nor substantial increases are common. This stability is further reinforced by the unavailability of the median days on market (DOM), implying that homes are selling at their listed prices without prolonged periods of exposure.
The rental market in Freeport offers another layer of insight into the local economy's health and demand for housing. The Fair Market Rent (FMR) for ZIP 16229 is projected at $960 for fiscal year 2024, while the current market rent stands at $786 according to the Census ACS. This gap between FMR and actual market rent signals potential upward pressure on rental rates. Landlords can anticipate that as the FMR adjusts to reflect economic realities, market rents will likely follow suit, increasing the rental income potential for properties in this area.
For long-hold investors, the setup in Freeport implies a conservative appreciation thesis. The stable home values and the potential for rental rate growth suggest that while rapid capital appreciation might not be imminent, steady and reliable returns on investment can be expected. As the local economy continues to support a modest increase in rental prices, this can translate into a gradual rise in property values, especially if there is an uptick in demand driven by factors such as job growth or improved infrastructure.
The combination of median home values, stable listing prices, and the growing disparity between FMR and market rent indicates that Freeport's real estate market is poised for gradual improvement. Investors should focus on acquiring properties that offer good rental yields and are well-positioned to benefit from any future increases in the local economy's strength. While the immediate gains might not be dramatic, the long-term outlook supports a strategy of holding onto assets that are likely to see steady value appreciation.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.