Location: Elk County, PA | Metro: Elk County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
ZIP code 16734 is situated within the Elk County, PA metro area. Its Fair Market Rent (FMR) for fiscal year 2026 is set at $970, which is slightly below the market rent of $1,000 observed in the same ZIP code. This suggests that properties in 16734 may be more affordable compared to the broader market, potentially making it a value pocket for landlords and small-portfolio investors.
The renter share in ZIP 16734 stands at 28.4%, indicating a higher proportion of renters relative to homeowners. This can be advantageous for Section 8 landlords, as there is a larger pool of potential tenants who qualify for housing assistance. However, the absence of home value data makes it challenging to draw direct comparisons with other ZIP codes in Elk County, PA. Typically, a high renter share coupled with below-average home values signals a prime location for Section 8 investments, as it aligns well with the financial needs of subsidized tenants.
To better contextualize 16734's position within the Elk County, PA metro, we need to consider how these figures stack up against the county average. If the county's average FMR and market rent are significantly higher than $970 and $1,000 respectively, then 16734 would indeed be classified as a value pocket. Conversely, if the average FMR and market rents are around or below these figures, then 16734 might be seen as a mid-tier neighborhood.
The lack of specific home value data complicates a full assessment but does not detract from the attractiveness of 16734 for Section 8-focused investments. Landlords should pay close attention to the rental dynamics and the availability of subsidies in the area to make informed decisions about property acquisitions and management strategies.
In summary, based on the provided data, ZIP code 16734 appears to be a value pocket within the Elk County, PA metro due to its lower FMR compared to market rent and a significant renter share. This positioning could make it an ideal location for Section 8 investments, given the alignment with the financial support available to tenants.
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.