Location: Chambersburg, PA | Metro: Chambersburg, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
U.S. Census Bureau data (2024)
The ZIP code 17254 presents several challenges for landlords considering participation in the Section 8 program. Firstly, tenant turnover is a significant concern due to the difference between the market rent and the Fair Market Rent (FMR) of $1250 for FY 2024. The absence of market rent data suggests that there might be a gap between what tenants can afford under the voucher program and what landlords aim to charge, leading to higher tenant churn rates.
Vacancy exposure is another issue, with no available data on the days on market (DOM). This lack of information makes it difficult to predict how long properties might remain vacant, potentially leading to financial losses during these periods. Additionally, the deferred maintenance exposure is notable, given the limited data on typical home values and a median income of $140,100. Higher incomes typically correlate with lower tolerance for subpar living conditions, which could result in increased maintenance demands and costs for landlords.
However, these risks must be weighed against the 0.0% renter share in the area, which is an anomaly and likely indicates a data error or extremely low number of renters relative to homeowners. Generally, a high concentration of renters increases the likelihood of voucher demand. Despite the unusual statistic, the presence of any renters in an area with such high median incomes suggests a strong potential for voucher holders who can afford better quality housing.
In conclusion, the verdict for ZIP 17254 is high risk for a first-time Section 8 landlord, primarily due to the uncertainty around market rents and days on market, alongside the potential for higher maintenance costs. However, the opportunity for attracting stable tenants with vouchers should not be overlooked, especially in areas where rental options are scarce.
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.