Location: Armstrong County, PA | Metro: Armstrong County, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The market in ZIP code 16238 is characterized by a significant gap between the Fair Market Rent (FMR) and the actual market rent, indicating a dynamic environment where housing pressures are notable. The FMR set at $850 for the fiscal year 2024 contrasts sharply with the reported market rent of $673, based on Census ACS data. This discrepancy suggests that while the government benchmark is higher, actual rents charged by landlords are lower, possibly due to competitive pricing strategies or local economic conditions.
The median home value of $85,716 is relatively low compared to many other areas, which might attract first-time buyers and investors looking for affordable properties. However, the lack of data on price-cut shares and days on market (DOM) makes it difficult to assess the immediate supply-demand balance directly. Nonetheless, the low median home value could imply that there is a steady flow of affordable homes into the market, potentially indicating a balanced or slightly oversupplied situation.
A key indicator of long-term housing pressure is the 18.1% renter share. This figure suggests that a considerable portion of the population in ZIP 16238 opts for renting over owning. While this percentage is not exceptionally high, it does point towards an ongoing need for rental units, which can be a sign of economic uncertainty or affordability issues for homeownership. For landlords and small-portfolio investors, this means that there will likely be a consistent demand for rental properties, although the competition among landlords may keep rental prices in check.
In summary, ZIP 16238 presents a market where rental properties remain a viable option for many residents, supported by a low median home value and a moderate renter share. The gap between FMR and actual market rent indicates that landlords may need to adjust their pricing to stay competitive, reflecting a market in motion rather than static equilibrium.
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.