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 | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
The Fair Market Rent (FMR) for ZIP code 16544 in Unknown, PA, for fiscal year 2024 is set at $980. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is designed to help low-income families afford housing. It's important to note that this $980 is not necessarily the rent you will receive; it is the payment standard used by the Housing Choice Voucher program.
To understand how this compares locally, consider that the average market rent for similar properties in ZIP 16544 is currently N/A. Since the exact local average is not available, we rely on the FMR to guide our expectations. The FMR is typically higher than the median rent in areas where market rents are lower, ensuring that voucher holders can find suitable housing.
The demand for rentals in ZIP 16544 is represented by the N/A% of renters who could potentially benefit from the Section 8 program. This percentage indicates the portion of the population that might be looking for affordable housing options. Although the precise number is not given, a higher percentage generally suggests greater demand for Section 8 rentals.
When acquiring a property for Section 8, the typical cost is N/A, which includes both the purchase price and any necessary renovations to meet the program's standards. Landlords must ensure that the property is safe, decent, and sanitary, and these improvements can affect the overall investment cost.
Before deciding to participate in the Section 8 program with a rental in ZIP 16544, verify that your property meets all the required quality standards. This step is crucial because failing to comply can result in reduced payments or even termination from the program. Ensure that your unit is in good condition and ready for inspection.
Data Sources: FMR data from HUD (2027).
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.