Location: Bedford County, PA | Metro: Altoona, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The ZIP code 16673 is situated in a suburban neighborhood characterized by a relatively small population of 5,204 residents. With only 21.4% of the population being renters, it suggests a community where homeownership is more prevalent. The median household income stands at $70,464, indicating a middle-class area. The median home value in this ZIP is $193,900, which reflects an affordable housing market.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 16673 as of the fiscal year 2024 is set at $1,190. In contrast, the actual market rent, based on Census ACS data, is significantly lower at $817 per month. This disparity between the FMR and the market rent presents an opportunity for investors interested in Section 8 properties.
Given these economic parameters, ZIP 16673 would be suitable for both hands-off voucher operators and hands-on value-add buyers. For those who prefer a passive investment strategy, the difference between the FMR and the market rent ensures a steady income stream without the need for extensive property management. On the other hand, for investors willing to engage more actively, there is potential to improve properties and charge closer to the FMR, thereby increasing profitability. However, the relatively low percentage of renters might limit the pool of potential tenants, necessitating a focus on quality and location to attract Section 8 participants.
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.