Section 8 Fair Market Rent (FMR) for ZIP 17244 - 2027

Location: Chambersburg, PA | Metro: Chambersburg, PA MSA

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,263

Median Household Income

$70,729

Housing Units

898

Renter Percentage

19.3%

Occupancy Rate

95.9%

Renter Occupied

166

The ZIP code 17244, located in Lancaster, Pennsylvania, is a suburban area characterized by its blend of residential neighborhoods and proximity to urban amenities. This region offers a stable environment for real estate investments, particularly in rental properties, given the local government's support for affordable housing solutions through programs like Section 8.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 17244 for fiscal year 2024 is set at $1280. This figure represents the benchmark for what is considered a reasonable rent amount under federal guidelines.
The average market rent for a similar unit, as reported by the Census Bureau's American Community Survey (ACS), stands at $971. This indicates that market rates are below the FMR, suggesting potential for higher rents if landlords can secure Section 8 vouchers.
The median home value in the area is $289,959. This reflects the overall cost of homeownership and can influence the rental market dynamics.
Renters make up 19.3% of the population in ZIP 17244. While this percentage is relatively low, it underscores the significant demand for affordable rental units.
The median household income in the area is $70,729. This economic indicator suggests that residents have a moderate level of disposable income, which could impact their ability to pay higher rents or contribute to rent assistance programs.

In summary, ZIP 17244 presents a favorable landscape for real estate investors interested in Section 8 properties. The gap between the Fair Market Rent and the actual market rent indicates opportunities for landlords who can secure Section 8 vouchers. With a median home value of $289,959 and a median income of $70,729, there is a balance between affordability and economic stability, making it a viable option for those looking to invest in a steady rental market. Despite the lower renter share, the presence of a robust demand for affordable housing means that well-managed properties can attract tenants effectively.

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.