Location: State College, PA | Metro: State College, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,430 |
| 1 Bedroom | $1,440 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,230 |
| 4 Bedrooms | $2,270 |
| 5 Bedrooms | $2,633 |
| 6 Bedrooms | $2,949 |
| 7 Bedrooms | $3,185 |
| 8 Bedrooms | $3,344 |
U.S. Census Bureau data (2024)
The dynamics of the ZIP code 16803, located in State College, PA, reveal a market in motion. The Fair Market Rent (FMR) for the area stands at $1,460 for fiscal year 2024, while the actual market rent, as indicated by Zillow's ZORI, is higher at $1,960. This suggests that the market rents are above the government-subsidized rates, indicating strong demand from tenants who are willing to pay more than the subsidized threshold.
A key indicator of the balance between supply and demand is the 0.1% price-cut share. This low figure implies that landlords are generally not having to reduce their asking rents to attract tenants, which is characteristic of a market where demand is robust relative to supply. Additionally, the 5-day Days on Market (DOM) reflects swift rental transactions, further supporting the notion that demand exceeds supply.
The median home value of $413,347 places State College in a range that could be considered moderate for many investors. However, it is the 56.1% renter share that paints a significant picture of the housing landscape. With such a high proportion of renters, there is an ongoing and likely persistent pressure on the rental market. This high renter share suggests that a substantial portion of the population is not in a position to purchase homes, thereby maintaining a steady demand for rentals. Over the long term, this dynamic can contribute to sustained rental demand, as it indicates a reliance on rental properties rather than homeownership.
In summary, the snapshot of ZIP 16803 points to a market where demand is strong, potentially outpacing supply, especially in the rental sector. The high renter share and quick rental turnover suggest a vibrant rental market with potential for continued investment opportunities.
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.