Location: Erie, PA | Metro: Erie, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP 16444 in Erie, PA MSA for FY 2024 is set at $1050 for a standard unit. However, the current market rent for the area is not readily available, making it difficult to provide a direct comparison between the HUD FMR and the actual market rates.
Based on the HUD FMR of $1050, voucher tenants in ZIP 16444 will generally cashflow at the FMR rate, meaning that landlords may struggle to cover their expenses with the voucher amount alone. To achieve positive cashflow, landlords should consider premium units or those with higher rental demand, such as newly renovated properties or homes in desirable neighborhoods.
The median home value in ZIP 16444 is $198,600, according to recent data. Using this figure, we can derive a rough estimate of the rent-to-price ratio, which is approximately 0.62% when comparing the HUD FMR of $1050 to the median home value. This suggests that the rental market is relatively stable compared to the housing market, but it also indicates that there might be limited opportunities for significant appreciation in property values.
The median Days on Market (DOM) and the percentage of homes that experience price cuts are not specified for ZIP 16444. These metrics would be useful in understanding the current state of the local housing market and how it affects the rent-versus-buy dynamics. Without these specifics, it is challenging to gauge the exact impact on the rental market.
The strongest investor angle in ZIP 16444 is likely stability. Given the lack of significant appreciation potential and the need to rely on premium units for positive cashflow, investors should focus on finding properties that offer consistent returns over time. Stability in the form of steady rental income and minimal vacancy periods is key in this market.
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.