Location: Tioga County, PA | Metro: Tioga County, PA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,050 | $217,205 | 0.48% | F |
| 3BR | $1,330 | $238,793 | 0.56% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP 16917, which encompasses Covington, PA, and the Tioga County, PA metro area, reveals several key insights for potential landlords and small-portfolio investors.
Firstly, the rent math does not work favorably. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,000, whereas the current market rent based on Census ACS data is $902. This discrepancy means that landlords might struggle to achieve the higher FMR rate without significant renovations or upgrades to their properties.
Secondly, acquisition appears to be moderately affordable. The median home value in this ZIP code stands at $200,794. However, the lack of data on days on market (DOM) and the percentage of homes requiring price cuts indicates that the local real estate market is stable but lacks recent transactional data to provide a comprehensive picture of acquisition costs and timelines.
Lastly, there is a notable tenant demand. With a total population of 1,293 and a renter share of 28.1%, approximately 363 individuals are actively seeking rental housing. This demand suggests a steady stream of potential tenants, though the relatively small population size may limit the pool of qualified renters.
Verdict: While the current market rent is below the FMR, indicating a need for property improvements to command higher rents, the median home value remains reasonable for acquisition. Tenant demand is present but constrained by the small overall population. Landlords should focus on improving properties to meet market expectations and carefully screen tenants to ensure a financially viable investment.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.