Location: Armstrong County, PA | Metro: Armstrong County, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
U.S. Census Bureau data (2024)
28.9% of residents in ZIP code 16244 are renters, indicating a significant demand for rental properties in the area. The $980 Fair Market Rent (FMR) for zip code 16244 as of fiscal year 2024 suggests that rental units should be priced competitively to attract tenants. Meanwhile, the $983 market rent figure from the Census ACS shows that the actual rents charged slightly exceed the FMR, which could indicate a slight premium in the local market. However, the lack of data on median home values (N/A) implies that homeownership might not be as prevalent or tracked as closely as in other areas.
$47,614 is the median income in ZIP 16244, which is crucial for understanding the economic capacity of potential tenants. This income level should be considered when setting rental prices to ensure affordability for the majority of residents. The absence of data on days on market (DOM) and the percentage of price-cut shares (N/A) indicates that there may not be a high turnover rate in the rental market or that such metrics are not widely reported for this area.
In ZIP code 16244, the rental market appears to be stable, with rents slightly above the FMR but within reach of the median income. Given these conditions, landlords and small-portfolio investors can expect steady occupancy rates and reasonable returns on their investments. The slight premium over the FMR, combined with a notable 28.9% renter share, supports the viability of rental properties in this area.
The Section 8 program offers a guaranteed income stream for landlords, making it an attractive option for those looking to secure long-term tenancy. With the $980 FMR, landlords can ensure they are receiving fair compensation through the program while still maintaining competitive pricing in the broader market. The slight difference between the FMR and market rent ($983) also allows for some flexibility in pricing, depending on the specific characteristics of the property.
A final consideration is the economic stability of the area, as evidenced by the median income of $47,614. This figure suggests that most residents have sufficient earnings to cover living expenses, including rent. Therefore, landlords can expect a relatively low risk of default among Section 8 participants who are also part of the broader rental market.
The verdict for ZIP code 16244 regarding Section 8 participation is positive, given the stable rental market and the alignment of FMR with the local economy.
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.