Location: Mifflin County, PA | Metro: Mifflin 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 | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $830 | $110,251 | 0.75% | D |
| 2BR | $1,010 | $143,764 | 0.7% | D |
| 3BR | $1,340 | $182,845 | 0.73% | D |
| 4BR | $1,340 | $217,362 | 0.62% | D |
| 5BR | $1,554 | $187,267 | 0.83% | C |
U.S. Census Bureau data (2024)
Lewistown, PA, located in ZIP code 17044, is a community with a significant portion of its population renting homes. The total population stands at 20,234, with 38.6% being renters. This indicates a substantial demand for rental properties in the area. The median household income is $59,935, which provides insight into the economic status of the residents. The median home value in Lewistown is $166,699, reflecting the overall cost of homeownership in the region.
The rent economics in Lewistown present an interesting opportunity for investors. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $970, while the current market rent, according to the Census ACS, is $814. This discrepancy suggests that there could be room for increasing rents without significantly deterring tenants who are accustomed to the local market rates. However, it also implies that investors should be cautious about pricing their rentals too high, as they must remain competitive within the local market.
Given these figures, ZIP 17044 would suit both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the presence of the Section 8 program ensures a steady stream of tenants with guaranteed income through vouchers. With the FMR higher than the current market rent, there's a margin for profit even when dealing with subsidized housing. On the other hand, value-add buyers can leverage the difference between the FMR and the market rent to improve property conditions and charge closer to the FMR, thereby increasing their cash flow. They will need to balance improvements against the affordability threshold to maintain occupancy rates.
In summary, Lewistown, PA offers a mix of economic stability and potential for growth in the rental market. Its demographics and economic indicators make it a viable location for both passive and active real estate investment strategies.
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.