Location: Warren County, PA | Metro: Warren County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 16402 is characterized by a significant disparity between the Fair Market Rent (FMR) and the available data on market rents. With an FMR set at $1,030 for fiscal year 2026, it's clear that there is a defined benchmark for what is considered a fair rent in the area. However, the lack of specific market rent data suggests either a limited number of rental properties or a market that hasn't been extensively studied, which could indicate a niche or less competitive environment.
The median home value in ZIP 16402 stands at $157,168. This figure provides insight into the overall affordability and desirability of homeownership in the area. Given the relatively low median home value, it might be inferred that there is a strong preference for homeownership over renting, which could explain why the renter share is only 4.4%.
The low renter share percentage indicates a predominantly owner-occupied neighborhood, which can suggest lower immediate demand for rental properties. However, this also implies a potential long-term housing pressure if the trend towards homeownership continues. As more residents choose to buy rather than rent, the pool of available rental units shrinks, which could lead to increased competition among landlords and higher rental prices as demand eventually catches up with the reduced supply.
The absence of data on the percentage of price-cut share and days on market (DOM) further underscores the limited rental activity in the area. While these metrics would typically provide a clearer picture of the supply-demand balance, their unavailability here points to a market that is not heavily saturated with rental listings. This could mean that landlords who do offer rentals have a stable tenant base but also face challenges in attracting new tenants due to the limited rental market presence.
In summary, ZIP 16402 appears to be a market where homeownership is favored over renting, leading to a smaller rental sector. The dynamics suggest that while there isn't currently a high demand for rental properties, the low renter share and the defined FMR point to underlying pressures that could shift the market in the future. Landlords should be prepared for a market that may evolve as more individuals seek rental options or as homeownership trends change.
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.