Location: State College, PA | Metro: State College, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,070 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
0.0% of the residents in ZIP code 16864 are renters, indicating a predominantly owner-occupied market. This statistic is crucial for landlords and small-portfolio investors considering the area, as it suggests a lower demand for rental properties compared to other regions. N/A market rent figures highlight the lack of comprehensive rental data, which can be a challenge when setting competitive rates. However, the Fair Market Rent (FMR) for ZIP 16864 is set at $1320 for zip FY 2024, providing a benchmark for rental pricing that aligns with federal guidelines. This FMR figure should be used as a starting point for determining rent amounts, ensuring they are in line with what the government considers fair and reasonable for the area.
N/A median home value and N/A median income figures suggest that detailed economic data is not readily available for this specific ZIP code, which can complicate investment decisions. The absence of these key metrics makes it difficult to assess the overall financial health and potential growth of the real estate market in 16864. Nevertheless, the low percentage of renters points towards a stable, owner-occupied environment where rental demand is minimal. For those already invested in the area, understanding the FMR can help in maintaining property values and ensuring compliance with HUD standards.
N/A-day DOM (Days on Market) and N/A% price-cut share indicate that there's limited information on how quickly properties are selling and whether sellers are having to reduce their asking prices to attract buyers. This scarcity of data could mean that the market is relatively steady, but it also poses challenges for new investors trying to gauge market dynamics. Despite these limitations, the fact remains that the rental market is sparse, with only 0.0% of the population renting. This suggests that rental properties may struggle to find tenants unless they offer unique features or are priced significantly below the FMR.
The verdict on Section 8 participation in ZIP code 16864 is that it is not advisable due to the extremely low renter share and the potential difficulty in finding tenants willing to pay the FMR rate.
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.