Location: Altoona, PA | Metro: Altoona, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 16684, located within the Altoona, PA MSA, reveals several key points for potential Section 8 real-estate investors.
First, let's address whether the rent math works. The Fair Market Rent (FMR) for ZIP 16684 in fiscal year 2024 is set at $990. However, the market rent data is currently unavailable, which makes direct comparison challenging. Landlords should consider that the FMR is designed to reflect the local housing market conditions and ensure that the rent covers the cost of maintaining the property.
Second, regarding the affordability of property acquisition, the median home value and days on market (DOM) are also not available. This lack of data means that it's difficult to assess the typical time frame for selling a property or the average price point. However, the absence of a high percentage of homes needing price cuts suggests that the local real estate market is stable, though more specific data would be needed to confirm this.
Lastly, there is tenant demand to consider. With a population of 108, the ZIP code has a relatively low number of residents, but the renter share stands at 11.6%. This indicates that there is a consistent need for rental properties, even if the overall number of tenants is small. Given the size of the area, securing tenants who qualify for Section 8 may require diligent outreach and marketing efforts.
Verdict: While the exact market rent and median home values are not available, the FMR of $990 provides a benchmark for landlords. The stable real estate market, indicated by the lack of significant price cuts, supports the feasibility of acquiring properties. However, the small population size means that competition for tenants could be intense. Landlords must be prepared to actively manage their properties to attract and retain qualified Section 8 tenants. The combination of a supportive FMR and a modest but present renter share makes ZIP 16684 a viable option for cautious investors looking to enter the Section 8 market.
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.