Location: Fulton County, PA | Metro: Chambersburg, PA MSA
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 | $920 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,650 | $245,132 | 0.67% | D |
U.S. Census Bureau data (2024)
The potential risks for investing in Section 8 properties in ZIP code 17233 are significant and should be carefully considered. Tenant turnover is a primary concern due to the disparity between the market rent of $784 and the Fair Market Rent (FMR) of $1150 for fiscal year 2024. This gap suggests that tenants might leave when they find higher-paying jobs or move to areas where they can afford market rents. Vacancy exposure is another critical issue, as the days on market (DOM) is listed as N/A, indicating a lack of historical data which makes predicting vacancy rates challenging.
Deferred maintenance is also a notable risk, especially considering the typical home value of $210,694 and the median income of $61,296. These figures suggest that homeowners might struggle to keep up with necessary repairs and improvements, leading to potential property quality issues. However, the high renter share of 29.6% presents an opportunity. A large proportion of renters often correlates with higher demand for housing vouchers, making it easier to fill vacancies with Section 8 tenants.
In conclusion, despite the challenges posed by tenant turnover, vacancy exposure, and deferred maintenance, the high renter density in ZIP 17233 creates a favorable environment for Section 8 investments. The overall risk for a first-time Section 8 landlord in this area is moderate.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.