Location: Erie, PA | Metro: Erie, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
U.S. Census Bureau data (2024)
The ZIP code 16546 has a population of 929 individuals. Due to the lack of specific data on the percentage of renters and median household income, it's challenging to definitively categorize this ZIP as either renter-heavy or homeowner-dominated. However, based on the available information, we can still draw some useful conclusions.
The Fair Market Rent (FMR) for this area, as determined by HUD for fiscal year 2024, is set at $1060. This figure serves as a benchmark for assessing the rental market dynamics in ZIP 16546. Without precise data on the average market rent, it's difficult to provide an exact percentage of local income that goes toward rent. Nonetheless, it's important to note that the FMR is often indicative of the typical rent levels in a given area.
To understand the potential depth of voucher demand, consider the FMR against the median household income. If the median income is significantly lower than the FMR, it suggests a higher likelihood of residents relying on housing vouchers to afford their living spaces. Conversely, if the median income is closer to or above the FMR, fewer residents might need voucher assistance.
In ZIP 16546, landlords should anticipate a tenant profile that is likely to include a mix of individuals who may require Section 8 vouchers to cover their rent. Given the low population count, the number of potential tenants could be limited, but the proportion of those needing financial assistance through vouchers could be relatively high, depending on the actual income levels of the residents.
A landlord in this ZIP code should prepare for tenants who might have varying income sources and levels, including those who rely on government assistance programs such as Section 8. It's crucial to ensure compliance with all regulations associated with accepting housing vouchers while also maintaining property standards and managing expectations regarding rent payment consistency.
To get a clearer picture of the rental market in ZIP 16546, further investigation into local rental prices and income distribution would be beneficial. This additional data could help in making more informed decisions about setting rents and understanding the local tenant pool.
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.