Location: Bedford County, PA | Metro: Altoona, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 16662 in Bedford County, PA reveals key insights for potential landlords and small-portfolio investors.
The rent math does not work favorably here. The Fair Market Rent (FMR) for ZIP 16662 in fiscal year 2024 is set at $1030, whereas the Census ACS reports the average market rent at $878. This means that landlords aiming to align with government standards for rental pricing may find themselves overpriced relative to the local market, leading to potential vacancy issues.
Acquisition is relatively affordable in this area, with a median home value of $243,886. However, the lack of data on days on market (DOM) and the percentage of homes that have been discounted indicates a need for further investigation into recent sales trends. This could be crucial for gauging how quickly properties sell and if they require price adjustments to attract buyers.
Tenant demand appears moderate. With a total population of 6,069 and 21.8% of residents being renters, there is a smaller pool of potential tenants compared to areas with higher renter shares. This suggests that while there is some demand, it might not be robust enough to sustain high vacancy rates or rapid turnover without competitive pricing and amenities.
Overall, ZIP 16662 presents an opportunity for acquisition at reasonable prices but challenges in achieving favorable rent math due to the discrepancy between FMR and market rates. Tenant demand is present but not overwhelming, indicating that success in this market will depend on competitive pricing and effective property management practices to maintain occupancy levels.
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.