Location: Bedford County, PA | Metro: Bedford County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
The ZIP code 16650 presents a unique challenge for renters given the local economic conditions and rental market dynamics. The median household income stands at $62,426, which is significantly lower than the Federal Market Rent (FMR) standard of $1,060 set for the metro area in fiscal year 2026. This discrepancy highlights the financial strain many renters might face when trying to secure housing.
To put this into perspective, the market rate for rentals in ZIP 16650 is $843 according to recent Census Bureau data. While this is below the FMR, it still represents a substantial portion of the median income. For a household earning $62,426 annually, the monthly income would be approximately $5,202. Therefore, paying $843 for rent would consume roughly 16% of their monthly income, leaving little room for other expenses such as utilities, groceries, and transportation.
The affordability gap between the median income and both the market rate and FMR is evident. With only 20.3% of the 1,796 residents being renters, competition among potential tenants could be fierce, especially if they are relying on Section 8 vouchers to cover their rent. Landlords who accept vouchers will have access to a steady stream of income guaranteed by the government, albeit at a fixed rate of $1,060. However, those who choose to cater to cash-paying tenants must ensure their rents remain competitive and affordable to attract and retain residents.
The takeaway for landlords considering their strategy in ZIP 16650 is clear: accepting Section 8 vouchers can provide a reliable source of income but comes with the trade-off of receiving a fixed payment that may be higher than the current market rate. On the other hand, focusing on cash-paying tenants requires maintaining rent rates that are attractive and within reach of the average income, which could mean setting rents closer to the $843 market rate. This decision should be based on understanding the local tenant demographics and balancing the need for affordability with the desire for higher rent yields.
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.