Location: Warren County, PA | Metro: McKean County, PA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,240 | $144,231 | 0.86% | C |
U.S. Census Bureau data (2024)
The ZIP code 16701 presents a dynamic rental market characterized by a Federal Market Rent (FMR) of $990 for fiscal year 2026, which is notably higher than the current market rent of $821 according to the Census American Community Survey (ACS). This suggests an upward trajectory in rental prices, indicative of potential growth in demand or cost pressures.
A price-cut share of 0.2% implies that very few landlords are lowering their rents, a sign that the market is relatively stable and possibly leaning towards favoring landlords. The median home value of $105,207 is another key figure, reflecting the overall affordability of the area and potentially influencing the rental market dynamics. Affordability could be a significant factor in attracting renters who may not yet be ready to purchase a home.
The 24.5% renter share indicates a substantial portion of the population relies on renting, which can create long-term housing pressure. This pressure can manifest as steady demand for rental properties, making it a favorable market for landlords and small-portfolio investors looking to capitalize on consistent occupancy rates. However, the high FMR compared to current market rent also points to potential upward adjustments in rental pricing to align with federal standards, which could affect the balance between affordability and profitability.
In summary, ZIP 16701 appears to be a market where demand is at least keeping pace with supply, if not slightly outpacing it, given the low price-cut share and the disparity between FMR and actual market rent. The significant renter share suggests ongoing housing pressure, likely due to affordability concerns, making it a stable but evolving rental market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.