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 | $760 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,100 | $181,388 | 0.61% | D |
| 3BR | $1,350 | $238,011 | 0.57% | F |
| 4BR | $1,520 | $291,238 | 0.52% | F |
U.S. Census Bureau data (2024)
860 is the Fair Market Rent (FMR) for ZIP code 16417 (Girard, PA) as set for fiscal year 2024, providing a benchmark for rental pricing in the area. 684 is the average market rent reported by the Census Bureau's American Community Survey, indicating a significant gap between the FMR and what tenants might actually pay. This discrepancy suggests opportunities for landlords who can offer properties that meet the standards required by the Housing Choice Voucher Program, commonly known as Section 8. 223,678 is the median home value in Girard, PA, reflecting the overall property values in the region. 22.4 is the percentage of residents who are renters, highlighting a notable portion of the population that relies on rental housing. 88,041 is the median income in the area, which is critical for determining the eligibility of potential tenants for the Section 8 program. While the days on market (DOM) and the percentage of price-cut shares are not available, these missing figures could imply stable pricing without excessive turnover or price reductions. In conclusion, given the FMR at 860 and the market rent at 684, landlords in Girard, PA, stand to benefit financially from participating in the Section 8 program, especially considering the local median income and the substantial number of renters. The verdict on Section 8 participation for this zip code is positive, offering a reliable tenant base and steady rental income.
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.