Location: Warren County, PA | Metro: Warren County, PA
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 | $870 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,400 | $172,398 | 0.81% | C |
U.S. Census Bureau data (2024)
The ZIP code 16340 has a population of 1,763 residents, with 11.1% being renters. This indicates that it is not a renter-heavy area but rather a community dominated by homeowners. The median household income stands at $57,446, which provides insight into the economic profile of the residents.
The typical market rent of $642 is significantly lower than the Fair Market Rent (FMR) of $1,010 for the fiscal year 2026, based on metro standards. This means that the average rent in this ZIP code consumes approximately 11.2% of the median household income. To calculate this percentage, divide the market rent by the median household income: $642 / $57,446 = 0.01117, or 11.2%. This is a relatively low rent burden compared to the national average, making it an attractive location for tenants seeking affordable housing.
The FMR is set higher than the market rent, suggesting that there is potential for landlords to increase rents slightly without exceeding what is considered fair by HUD standards. However, given the low percentage of renters in the area, landlords should be prepared for a less dense tenant pool and possibly fewer applications per unit. The scarcity of rental properties also implies that there might not be a deep voucher demand in this ZIP code, although some Section 8 vouchers will still be utilized by those who qualify.
A landlord in ZIP 16340 can expect tenants who are financially stable enough to afford the local rent while maintaining a significant portion of their income for other expenses. Given the income levels and the current market rent, these tenants would likely allocate about 11.2% of their earnings toward housing costs, leaving ample room for other necessities and savings.
In summary, ZIP 16340 is better characterized as a homeowner-dominated area with limited rental opportunities. Landlords should anticipate a smaller pool of potential tenants, many of whom will be financially capable of meeting the local rental rates without relying heavily on Section 8 vouchers. The income-to-rent ratio supports a healthy financial balance for tenants, reducing the risk of non-payment and ensuring a more stable occupancy rate.
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.