Location: Harrisburg-Carlisle, PA | Metro: Harrisburg-Carlisle, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP 17047 reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for ZIP 17047 is set at $1110 for fiscal year 2024, while the market rent based on Census ACS data stands at $706. This means there is a gap of $404, or approximately 57%, between the FMR and the market rent.
This discrepancy benefits landlords and small-portfolio investors as it makes voucher tenants a yield play. Despite the lower market rent, the government's payment standard ensures that landlords receive $1110 per unit, which is significantly higher than what they would get from non-voucher tenants. In ZIP 17047, where only 18.4% of residents are renters and the median home value is $331,877, the high FMR compensates for the relatively low number of renters and the higher cost of homeownership.
The median household income in ZIP 17047 is $87,578, indicating that many residents can afford higher rents. However, the FMR being above the market rent suggests that voucher holders provide a stable and higher income stream for landlords. Given these conditions, the cost of housing voucher tenants below open-market rates is minimal, as the government subsidy covers the difference.
To summarize, the gap between the FMR and market rent in ZIP 17047 presents a lucrative opportunity for landlords. They can expect to receive a higher rent from voucher tenants than from those paying market rates, making it a smart investment strategy in this area.
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.