Location: Fulton County, PA | Metro: Chambersburg, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
U.S. Census Bureau data (2024)
The median income in ZIP code 17224 stands at $114,779, which provides insight into the financial capabilities of potential renters. The market rate for rent, according to Census ACS data, is $1,056 per month. This figure represents a significant portion of the average household's income, making it challenging for residents to afford market-rate rentals without substantial disposable income.
In comparison, the Housing Choice Voucher Payment Standard for Fair Market Rent (FMR) in ZIP 17224 for fiscal year 2024 is set at $930. This amount is considerably lower than the market rate, reflecting the government's effort to subsidize housing costs for eligible low-income families. However, given the relatively high median income in the area, there may be a smaller pool of voucher holders compared to other ZIP codes with lower incomes.
The ZIP code has a total population of 1,603, with only 3.1% of the households being renters. This low percentage suggests limited competition among landlords for tenants who might pay market rates. The disparity between the median income and the market rent, combined with the low rental rate, indicates an affordability gap that could impact the number of potential cash-paying renters.
For landlords considering their strategy regarding voucher versus cash-pay tenants, the key takeaway is that while the voucher program offers a stable source of income with less risk of non-payment, the market conditions in ZIP 17224 may present challenges in finding enough cash-paying renters willing to meet the $1,056 market rate. Given the lower FMR of $930, landlords should prepare for the possibility of relying more heavily on voucher programs to fill vacancies, especially if they aim to offer affordable housing options in line with the local economic realities.
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.