Location: Altoona, PA | Metro: Altoona, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
U.S. Census Bureau data (2024)
The ZIP code 16637 stands out due to its unique mix of demographics and housing economics. With a population of 2,345 residents, it has a relatively low rental rate at 18.2%, indicating that homeownership is more prevalent. The median income for the area is $56,083, which is above the national average, suggesting a middle-class community. The median home value of $171,433 reflects a stable housing market where property values are solid but not excessively high.
In terms of voucher economics, the Federal Market Rent (FMR) for ZIP 16637 is set at $1060 for fiscal year 2024. This figure is notably higher than the market rent of $979 reported by the Census Bureau's American Community Survey (ACS). Landlords and small-portfolio investors can benefit from the difference, as the higher FMR provides an incentive to accept Section 8 tenants without compromising on rental income.
The data signature for ZIP 16637 reads as "stable." Despite the relatively low rental rate, the modest gap between FMR and market rents indicates a balanced environment where Section 8 vouchers can be a reliable source of income for landlords. The middle-class income level and moderate home values suggest a community that is financially resilient and less prone to significant fluctuations in housing demand or property values.
To summarize, ZIP 16637 offers a stable economic outlook for landlords and small-portfolio investors. The median income and home values support a healthy housing market, while the favorable voucher economics provide an additional layer of financial security. Accepting Section 8 tenants at the FMR of $1060 can be a strategic move, especially when the market rent is $979, ensuring steady cash flow without the risk associated with transitional markets.
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.