Section 8 Fair Market Rent (FMR) for ZIP 16648 - 2027

Location: Altoona, PA | Metro: Altoona, PA MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$910
1 Bedroom	$1,080
2 Bedrooms	$1,300
3 Bedrooms	$1,670
4 Bedrooms	$1,930
5 Bedrooms	$2,239
6 Bedrooms	$2,508
7 Bedrooms	$2,709
8 Bedrooms	$2,844

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

14,904

Median Household Income

$81,540

Housing Units

6,882

Renter Percentage

24.8%

Occupancy Rate

92.2%

Renter Occupied

1,570

Housing Authorities Serving ZIP 16648

ALTOONA HOUSING AUTHORITY (Altoona, PA) - 995 Section 8 vouchers
HOUSING AUTHORITY OF THE COUNTY OF BLAIR (Hollidaysburg, PA) - 505 Section 8 vouchers

In analyzing whether landlords should invest in ZIP code 16648 for Section 8 properties, follow this decision tree:

1) Does the Fair Market Rent (FMR) of $980 cover the debt service on a property valued at $243,444?

If the answer is yes, proceed to the next question. The FMR of $980 must be sufficient to meet the monthly mortgage payment and other expenses associated with owning the property. For a property priced at $243,444, calculate your monthly debt service to determine if it can be covered by the FMR.

2) How does the market rent of $1,090 compare to the FMR?

The market rent is $1,090, which is higher than the FMR of $980. This indicates that there is potential to earn more from market tenants than what is offered under Section 8. However, this also means that landlords might face competition from market-rate rentals when trying to attract Section 8 tenants.

3) Is the rental demand strong enough given that 24.8% of residents are renters and the days on market (DOM) data is not available?

If the rental demand is considered sufficient based on the 24.8% of residents being renters, then the investment in ZIP 16648 could be viable. However, without DOM data, it's challenging to assess how quickly properties are rented out. This lack of data makes it dependent on local market conditions and the landlord's tolerance for risk.
If the rental demand is deemed insufficient, then the answer is no. Landlords should look for areas where the percentage of renters is higher and where properties are typically rented out faster, as indicated by lower DOM figures.

Decision Outcomes:

Yes: If the FMR covers your debt service and you are willing to accept slightly lower rents compared to the market rate, and if the rental demand is sufficient, then investing in ZIP 16648 for Section 8 properties could be profitable.
No: If the FMR does not cover your debt service or if the rental demand is too low, then investing in ZIP 16648 would not be advisable for Section 8 properties.
It Depends: If the FMR barely covers your debt service or if you are uncertain about the rental demand due to the lack of DOM data, then further investigation into local real estate trends and the availability of Section 8 vouchers is necessary before making an investment decision.

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.