Location: Lebanon, PA | Metro: Harrisburg-Carlisle, PA MSA
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 | $1,080 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,470 |
| 3 Bedrooms | $1,900 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,470 | $299,366 | 0.49% | F |
| 3BR | $1,900 | $369,413 | 0.51% | F |
| 4BR | $1,970 | $488,084 | 0.4% | F |
U.S. Census Bureau data (2024)
The potential pitfalls for landlords investing in ZIP 17028, located in Grantville, PA, under the Section 8 program include significant tenant turnover. The market rent stands at $1,244, whereas the Fair Market Rent (FMR) for fiscal year 2024 is set at $1,230. This discrepancy can lead to higher tenant mobility, as individuals might seek properties that fully cover their rent through the voucher system. Additionally, vacancy exposure is a concern due to the lack of available data on Days on Market (DOM), indicating uncertain market dynamics and potentially prolonged vacancy periods.
Deferred maintenance is another critical issue, considering the typical home value of $376,031 and the median income of $59,554. Landlords must be prepared to handle maintenance costs, which can be substantial relative to the median income level. The financial burden of maintaining properties to meet Section 8 standards without overreaching the local income levels presents a significant challenge.
However, these risks are tempered by the high renter share of 15.7%. High renter density typically translates into greater demand for rental properties, including those that accept Section 8 vouchers. This suggests a robust pool of tenants who are likely to use their vouchers in ZIP 17028, thereby ensuring steady occupancy rates and a consistent cash flow.
Verdict: Moderate risk for a first-time Section 8 landlord.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.