Location: Crawford County, PA | Metro: Erie, PA MSA
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 | $770 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,390 | $227,327 | 0.61% | D |
U.S. Census Bureau data (2024)
The ZIP code 16403 presents a modest opportunity for landlords and small-portfolio investors interested in Section 8 tenants. With a population of 6,959, only 16.2% of residents are renters, indicating that this is not a heavily rented area. However, the median household income of $69,851 suggests that the area is relatively affluent, which can be beneficial for maintaining property standards and collecting rent payments.
The market rent in this area is $669, which represents approximately 9.6% of the median household income. This figure is calculated by dividing the market rent by the median income ($669 / $69,851 = 0.0096). While this percentage is favorable for potential tenants, it also implies that the majority of residents have the financial means to either own homes or afford higher rents without assistance.
Comparing the market rent to the Fair Market Rent (FMR) of $860, as set for FY 2024, reveals that the current market rent is below the FMR. This discrepancy indicates that landlords who accept Section 8 vouchers could potentially charge closer to the FMR, thereby maximizing their rental income while still offering affordable housing options.
A landlord in ZIP 16403 should anticipate a tenant pool that includes individuals and families who require some form of rental assistance but are still likely to be financially stable. The typical tenant will likely be part of a household earning around the median income or slightly below, seeking rental units priced at or near the market rate of $669. These tenants will represent about 77.8% of the FMR, making them attractive candidates for landlords willing to participate in the Section 8 program.
In conclusion, while ZIP 16403 is not dominated by renters, there is a sufficient demand for rental properties, especially those that align with Section 8 guidelines. Landlords should prepare for a mix of tenants, including those who might benefit from voucher programs, ensuring they maintain properties that meet both the financial and quality expectations of these prospective residents.
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.