Location: Armstrong County, PA | Metro: Armstrong County, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
26.9% of the residents in ZIP code 16253 are renters, indicating a significant portion of the population relies on rental housing. This statistic underscores the importance of understanding the local rental market dynamics for landlords and small-portfolio investors. $890 is the Fair Market Rent (FMR) for ZIP 16253 as of fiscal year 2024, which sets the benchmark for rental pricing in subsidized housing programs. Given that the market rent is listed as N/A, it's crucial for investors to rely on the FMR as a reliable indicator of what tenants can afford. The median income in the area is $45,833, providing insight into the economic status of potential tenants. With no available data on days on market (DOM) or the percentage of price-cut share, investors should focus on the FMR and median income to guide their investment decisions. The FMR of $890 is a key figure that landlords must not exceed if they wish to participate in the Section 8 program, ensuring compliance with federal guidelines. Additionally, the lack of data on median home values suggests that the area might be predominantly rental-focused, which could be advantageous for those looking to invest in rental properties. The absence of specific figures for days on market and price-cut share indicates a stable market where properties are likely rented quickly and without significant negotiation on price. In conclusion, the combination of a substantial renter share at 26.9%, a defined FMR of $890, and a median income of $45,833 makes ZIP 16253 a viable market for Section 8 investments.
Verdict: ZIP 16253 is suitable for Section 8 investments given the high renter share and adherence to the $890 FMR cap.
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.