Location: State College, PA | Metro: State College, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
U.S. Census Bureau data (2024)
24.1% of residents in ZIP 16835 are renters, indicating a notable demand for rental properties in the area. Given this statistic, landlords can expect a steady pool of potential tenants. The Fair Market Rent (FMR) for ZIP 16835, as set by the Department of Housing and Urban Development (HUD) for fiscal year 2024, is $1160, which represents the maximum amount Section 8 vouchers will cover for a unit. Comparatively, the market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $1,523, suggesting that landlords could potentially charge above the FMR if market conditions allow. However, it's important to note that the median income in the area is $60,114, which might limit the ability of some renters to afford higher rents without assistance. Despite the lack of data on days on market (DOM) and the percentage of price-cut shares, these trends can be significant indicators of how quickly properties are rented out and the competitiveness of the local real estate market. In conclusion, given the $1160 FMR and the $1,523 market rent, Section 8 properties in ZIP 16835 offer a viable investment opportunity for landlords willing to participate in the program.
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.