Location: Erie, PA | Metro: Erie, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 16563 in fiscal year 2024 is set at $1070. This figure represents the maximum amount that a landlord can receive from the government under the Section 8 Housing Choice Voucher program. It's important to note that this is not the amount your tenant will pay in rent; rather, it's the benchmark used to determine the subsidy.
While the local median rent for ZIP 16563 is listed as N/A, the percentage of renters in the area is N/A%, indicating a strong potential demand for rental properties. This high percentage suggests that many residents are likely to be looking for affordable housing options, which could make a Section 8 property attractive.
The acquisition cost for properties in this area is also noted as N/A. However, even without specific figures, understanding that the FMR is a fixed amount helps in assessing whether the investment aligns with your financial goals. For instance, if you purchase a property below the FMR, you can potentially earn a higher return on investment when factoring in the government subsidy.
To proceed confidently, ensure that your property meets the minimum property standards set by the Housing Authority. These standards are designed to ensure that the rental units are safe, decent, and sanitary. Verification of compliance with these standards should be done before finalizing any investment decision.
In summary, the $1070 FMR provides a clear guideline for the maximum subsidy you can receive. Given the strong renter market in ZIP 16563, a Section 8 rental could be a sound investment. Just remember to check that your property meets all necessary standards to qualify for the program.
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.