Location: Harrisburg-Carlisle, PA | Metro: Harrisburg-Carlisle, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,170 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $2,070 |
| 4 Bedrooms | $2,120 |
| 5 Bedrooms | $2,459 |
| 6 Bedrooms | $2,754 |
| 7 Bedrooms | $2,974 |
| 8 Bedrooms | $3,123 |
The ZIP code 17124 is located in Harrisburg, Pennsylvania, a city known for its rich history and central location in the state. The population of this neighborhood stands at 12,124. With a median household income of $42,124, it reflects a modest economic status compared to national averages. The median home value in this area is $157,880, indicating a relatively affordable housing market.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP code 17124 is set at $1270 for fiscal year 2024. This figure is crucial for Section 8 investors, as it represents the benchmark against which rental properties must be priced to qualify for the program. While specific market rent figures were not available, the FMR provides a solid reference point for evaluating potential returns and occupancy rates.
The question then arises: does this neighborhood suit a hands-off voucher operator or require a more hands-on approach for value-add opportunities? Given the modest median income and the relatively low median home value, the area likely attracts tenants who benefit from subsidized housing. Therefore, a hands-off operator can find success by maintaining properties to meet basic standards and leveraging the stability provided by government-backed vouchers.
However, there is also potential for a hands-on value-add buyer. By enhancing property quality and efficiency, such an investor could command rents slightly above the FMR while still qualifying for Section 8 subsidies. This strategy would require careful attention to local market dynamics and tenant preferences but offers the possibility of higher returns.
In conclusion, ZIP code 17124 presents both opportunities and challenges for Section 8 investors. Whether hands-off or hands-on, the key to success lies in understanding the local demographics and tailoring investment strategies accordingly.
Data Sources: FMR data from HUD (2027).
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.