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 | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The ZIP code 16475 has a population of 2,194 individuals. Due to the lack of specific data on the percentage of renters and median household income, it's challenging to provide a precise analysis of whether this area is renter-heavy or dominated by homeowners. However, based on the available information, we can infer that the scarcity of detailed statistics might indicate a smaller rental market compared to larger urban areas.
To understand the dynamics of the rental market, let's focus on the connection between income levels and market rents. Although the exact median household income is not specified, we can analyze the relationship between market rents and the Fair Market Rent (FMR) which stands at $980 for FY 2024 in this ZIP code. The FMR is a benchmark used by HUD to determine the maximum amount a Section 8 voucher holder can pay for rent in a given area.
In the absence of specific market rent figures, let's assume a hypothetical market rent scenario. If the typical market rent in ZIP 16475 is close to the FMR of $980, then for a household earning the median income, this would represent a significant portion of their earnings going towards rent. Typically, housing costs should not exceed 30% of an individual's gross income; thus, if the median income is lower than $3,267 per month ($980 / 0.3), then the typical rent would consume a disproportionately large share of local incomes.
Given the limited data, landlords in ZIP 16475 should prepare for a mix of tenants, including those who rely on Section 8 vouchers. The tenant profile will likely include families and individuals with lower incomes, who find the housing assistance through vouchers essential for affording a place to live. Landlords should be ready to navigate the requirements associated with accepting Section 8 vouchers, which can include additional paperwork and compliance with federal housing standards.
To make informed decisions, landlords and small-portfolio investors should seek out more detailed local economic data and consult with local property management experts to better understand the nuances of the rental market in ZIP 16475. This will help them tailor their investment strategies and tenant expectations effectively.
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.