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 | $860 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $870 | $71,487 | 1.22% | A |
| 2BR | $1,040 | $119,441 | 0.87% | C |
| 3BR | $1,380 | $155,311 | 0.89% | C |
| 4BR | $1,480 | $158,043 | 0.94% | C |
| 5BR | $1,717 | $163,904 | 1.05% | B |
U.S. Census Bureau data (2024)
ZIP code 16365, located in Warren, PA, stands out within the Warren County, PA metro area based on several key metrics. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $990. However, ZIP 16365's market rent is notably lower at $800. This indicates that properties in this ZIP code are priced below the metro average, making it potentially attractive for landlords looking to offer competitive rental rates.
The median home value in ZIP 16365 is $139,463, which is also below the typical Warren County, PA ZIP codes. This suggests that homeownership is relatively affordable in this area, possibly drawing in first-time buyers and investors seeking lower-cost entry points.
A significant point of interest is the renter share in ZIP 16365, which is 26.9%. This percentage is higher than many other ZIP codes in Warren County, indicating a substantial number of renters. High renter share combined with below-average home values can be a sign of a Section 8 sweet spot, where the government-subsidized housing program has a strong presence and can help stabilize occupancy and cash flow for landlords.
In summary, ZIP 16365 appears to be a value pocket within the Warren County, PA metro. It offers lower market rents and home values compared to the broader metro area, while maintaining a higher-than-average renter share. These factors make it an appealing location for landlords and small-portfolio investors interested in areas with potentially stable demand and lower property costs.
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.