Location: Altoona, PA | Metro: Altoona, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
The dynamics of the ZIP code 16635 reveal a market in motion, characterized by a delicate balance between supply and demand. With a Fair Market Rent (FMR) set at $1130 for fiscal year 2024, the area presents a moderate rental landscape that aligns closely with the actual market rent of $1,023, as reported by the Census ACS. This near parity suggests that the rental market is stable, with neither significant surplus nor shortage of units.
The low price-cut share of 0.2% indicates that landlords are generally able to maintain their asking rents without needing to reduce prices to attract tenants. This stability points towards a demand that matches the supply, ensuring that properties are occupied at their listed rates. The median home value of $228,043 reflects a residential market that is accessible but not overly saturated, allowing for steady appreciation without the volatility seen in some other markets.
A critical factor in understanding the long-term housing pressures in ZIP 16635 is the 22.9% renter share. This figure implies a sizeable portion of the population relies on rental housing, which can exert continuous pressure on the rental market. Over time, this demographic characteristic supports the idea that there will be a consistent need for rental units, potentially leading to sustained demand even as the population grows or changes.
In conclusion, ZIP 16635 is a market where demand meets supply effectively, as evidenced by the close alignment between FMR and market rent, along with the minimal need for price cuts. The median home value and the substantial renter share paint a picture of a community that values both homeownership and rental options, creating a stable yet dynamic environment for landlords and small-portfolio investors. This snapshot captures a market that is moving forward with a solid foundation, ready to adapt to future changes without significant disruption.
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.