Location: Warren County, PA | Metro: Erie, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The ZIP code 16434 stands as a market in motion, reflecting the dynamic interplay between supply and demand. With a Fair Market Rent (FMR) set at $980 for fiscal year 2024, it slightly overshadows the reported market rent of $914 based on recent Census American Community Survey (ACS) data. This suggests that while there might be a slight surplus in rental offerings, landlords and small-portfolio investors could still see opportunities to adjust their pricing closer to the FMR without significantly deterring tenants.
The median home value in ZIP 16434 is $174,421. While this figure alone does not provide a complete picture of the housing market's direction, it indicates a relatively affordable area compared to national averages, potentially attracting both renters and buyers. The absence of specific data on the percentage of price cuts and days on market (DOM) makes it challenging to pinpoint the exact balance between supply and demand, but the gap between FMR and market rent implies a soft market where demand is being met, albeit with some downward pressure on rents.
A noteworthy aspect of this ZIP code is the 12.2% renter share. This percentage is indicative of a community where a significant portion of residents choose or need to rent rather than own their homes. Over the long term, this could mean sustained pressure on the rental market, as a smaller pool of potential homeowners might limit the growth of the home ownership segment. For landlords, this suggests a stable tenant base, though it also underscores the importance of maintaining competitive rental rates to attract and retain residents.
In conclusion, ZIP 16434 presents a market where the rental sector remains active, with a slight indication of supply meeting demand. The relatively low median home value and high renter share point towards an environment where rental properties can continue to play a crucial role in providing housing solutions. Landlords should remain vigilant in adjusting their strategies to align with these market dynamics, ensuring they stay competitive and responsive to the needs of their tenants.
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.