Location: Erie, 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 | $870 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,380 | $258,786 | 0.53% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 16410 in fiscal year 2024 is set at $870. This figure represents the maximum amount that a landlord can receive from the Section 8 program for a unit in this area. It's important to note that this is not the rent you will charge your tenants; it's the reimbursement limit for the housing assistance program.
In comparison, the average local rent for ZIP 16410 is $1,007 according to the latest Census American Community Survey (ACS) data. This indicates that landlords participating in Section 8 could potentially see a lower income compared to market rates, but it also ensures a stable source of income through government subsidies.
The renter share in this ZIP code is 8.4%, meaning that out of every 100 households, approximately 8.4 are renters. This percentage suggests a moderate level of demand for rental properties, including those covered under Section 8. Given the demographic, there is a reasonable pool of potential tenants who would benefit from the program.
If you're looking to acquire a property in ZIP 16410 for a Section 8 rental, the median home value is around $240,105. This price point reflects the typical cost of a home in the area, which can be a significant investment for new landlords entering the market.
Before making the decision to participate in the Section 8 program, verify that your property meets all the required standards for habitability and safety. The Housing Quality Standards (HQS) must be met to ensure eligibility and compliance with the program.
While the FMR of $870 might seem low compared to the local average rent of $1,007, the program provides a consistent and reliable source of income. Additionally, the moderate demand indicated by the 8.4% renter share suggests a steady flow of interested tenants.
Participating in Section 8 can be a strategic move for landlords and small-portfolio investors, especially if they are willing to invest in properties that meet the necessary standards and are located in areas where the need for affordable housing is evident.
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.