Location: Johnstown, PA | Metro: Johnstown, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
860 is the Fair Market Rent (FMR) for ZIP 16629 in Pennsylvania for fiscal year 2024, according to HUD. This figure represents the maximum amount that a Section 8 voucher holder can spend on rent. While the market rent and median home values are not available, the FMR provides a benchmark for rental pricing in the area.
The lack of specific data on the median home value suggests that the real estate market in ZIP 16629 might be less active compared to larger markets, making it harder to establish a clear median. However, this also means there may be fewer competing listings, which could benefit landlords and small-portfolio investors looking to maintain steady occupancy.
Absent data on the renter share indicates that the area might have a mix of homeowners and renters, but the exact percentage is unclear. This ambiguity could mean opportunities for both residential and rental investments, depending on the specific needs of the community.
The median income data being unavailable means that we cannot precisely gauge the financial capacity of potential tenants or buyers. However, the FMR of $860 gives us a starting point to understand the affordability of housing in the area.
With no Day on Market (DOM) or price-cut share data available, it's challenging to assess the current speed and competitiveness of the real estate market in ZIP 16629. This lack of information could indicate a stable market where properties are typically sold or rented at their listed prices without significant delays or reductions.
In summary, the ZIP 16629 area presents a niche market with limited competition and clear rental guidelines through the Section 8 program. Given the FMR of $860, landlords can confidently set rents that align with government standards while potentially benefiting from a stable demand for rental properties. Verdict: Suitable for Section 8 investment with caution regarding broader economic indicators.
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.