Location: Chambersburg, PA | Metro: Chambersburg, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
The ZIP code 17231, located within the Chambersburg, PA MSA, has a Fair Market Rent (FMR) of $1150 for fiscal year 2024. This figure can be compared to the broader Chambersburg, PA MSA, where the FMR for a two-bedroom apartment is $1193. The data indicates that ZIP 17231 has a slightly lower FMR than the average for the metro area, suggesting it could be considered a value pocket within the Chambersburg MSA.
However, the market rent and home values for ZIP 17231 are not available, making direct comparisons challenging. The lack of specific data on market rent and home values implies that the area might have unique characteristics that differentiate it from other ZIP codes in the Chambersburg MSA. Without definitive figures, we cannot conclusively state that 17231 has below-average home values or a higher-than-average renter share.
In the Chambersburg MSA, the typical two-bedroom apartment FMR is slightly above the market rent, indicating that HUD's FMR is set at a level that is 13.5% above the local market. This suggests that landlords in ZIP 17231, with its lower FMR, may find it advantageous to participate in the Section 8 program, as the payment standard can still be competitive relative to the local market conditions.
While specific divergences such as a high renter share with below-average home values would typically signal a Section 8 sweet spot, the absence of detailed market rent and home value data for ZIP 17231 prevents us from making this inference. Nonetheless, the lower FMR in comparison to the metro average points towards a potentially attractive opportunity for landlords looking to manage costs while participating in the Section 8 program.
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.