Location: McKean County, PA | Metro: McKean County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
The median income in ZIP code 16729 stands at $57,574, which places significant constraints on household budgets when it comes to housing expenses. The market rate for rent, according to Census ACS data, is $640 per month. This means that even at the median income level, households would find it challenging to meet the market rate without substantial financial strain.
Comparing this to the voucher payment standard of Fair Market Rent (FMR) at $970 for the metro area in fiscal year 2026, it becomes evident that voucher recipients face an even larger affordability gap. The difference between the market rate and the median income suggests that many residents might be looking for subsidized housing options to make ends meet.
With only 15.2% of the 684 population being renters, competition among landlords for tenants willing to pay the market rate is likely to be intense. Landlords must consider both the limited pool of potential cash-paying tenants and the broader availability of those who could benefit from voucher assistance.
The takeaway for landlords is clear: focusing solely on cash-paying tenants may limit your rental opportunities, given the tight budget constraints faced by many in ZIP 16729. Embracing voucher programs, despite the higher payment standard of $970, can open up a wider tenant base and potentially reduce vacancy rates. By accepting vouchers, landlords align themselves with the reality of local affordability, ensuring a steady stream of income while serving a community that needs affordable housing solutions.
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.