Location: Lebanon, PA | Metro: Lebanon, 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 | $940 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,620 | $318,001 | 0.51% | F |
| 4BR | $1,770 | $384,572 | 0.46% | F |
U.S. Census Bureau data (2024)
The ZIP code 17038 has a population of 8,394 residents, with 26.8% being renters. This indicates that while there is a significant rental presence, it is not overwhelmingly dominated by renters. The median household income stands at $75,417, which provides a benchmark for understanding the economic context of potential tenants.
In terms of Section 8 tenant pools, the typical market rent of $977 is a key figure to consider. This amount represents approximately 13% of the median household income, suggesting that a portion of the local population could afford market rents without assistance. However, the Federal Market Rent (FMR) for the area is set at $1020 for FY 2024, which aligns closely with the market rent, indicating that Section 8 vouchers can cover the majority of the rent in this ZIP code.
The close alignment between the FMR and market rent implies that there is likely a robust demand for Section 8 vouchers among the renting population. Landlords in ZIP 17038 should expect tenants who rely on government assistance to help cover their housing costs. These tenants will typically have their rent subsidized to around $977, which is slightly below the FMR but still a significant portion of the overall rent.
Given the income levels and the rent figures, landlords can anticipate a steady stream of applicants who qualify for Section 8 vouchers. The profile of these tenants would include individuals and families who benefit from federal housing assistance programs, ensuring they can afford decent housing despite lower incomes. This makes ZIP 17038 a viable location for landlords interested in participating in the Section 8 program, as the financial parameters are favorable for both tenants and property owners.
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.