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 | $220,573 | 0.5% | F |
| 3BR | $1,350 | $263,858 | 0.51% | F |
| 4BR | $1,520 | $313,671 | 0.48% | F |
| 5BR | $1,763 | $345,633 | 0.51% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 16428, located in North East, Pennsylvania, stands at $78,675. Given the market rate for rent at $778, as reported by the Census ACS, a household here could theoretically afford the rent. However, it's important to consider the broader financial context of an average household, including expenses beyond just rent.
When comparing the market rate to the Fair Market Rent (FMR) set by the Housing Choice Voucher program, which is $870 for zip code 16428 in fiscal year 2024, landlords might find themselves in a unique position. The voucher payment standard is slightly above the current market rate, indicating that landlords who accept vouchers could potentially receive higher payments than the typical market rate.
With 24.0% of the population being renters and a total population of 12,595, the competition among landlords in North East, PA, is moderate. The affordability gap, where the market rate is below the median income but the voucher rate exceeds the market rate, suggests that landlords may face less competition when accepting vouchers. This is because the voucher rate covers a larger portion of the rent, making it accessible to a wider range of potential tenants.
Landlords in ZIP 16428 should consider these factors when deciding between voucher and cash-pay strategies. Accepting vouchers can provide a steady stream of income that is guaranteed by the government and slightly above the current market rate, reducing vacancy risks and increasing tenant stability. On the other hand, relying solely on cash-paying tenants means competing in a market where some households might struggle to pay the higher voucher rates out-of-pocket.
The takeaway is clear: while the market rate is within reach for many households, the voucher program offers a competitive advantage by ensuring a consistent rental income that is slightly above the market rate. Landlords should weigh the benefits of voucher stability against the potential for higher cash rents, considering the demographic makeup and competition levels in their area.
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.