Location: Chambersburg, PA | Metro: Chambersburg, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,750 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
U.S. Census Bureau data (2024)
20.7% of residents in ZIP code 17263 are renters, indicating a significant portion of the population relies on rental housing. This statistic underscores the potential demand for rental properties in the area. $88,835 is the median income for this ZIP code, which is crucial for determining the financial capacity of tenants. However, the market rent for the area is listed as N/A, suggesting limited data on what tenants are currently paying. Similarly, the median home value is also listed as N/A, which means there isn't enough information to gauge the overall housing market value accurately.
The Fair Market Rent (FMR) for ZIP code 17263 in fiscal year 2024 is set at $1230. This figure is essential for landlords and small-portfolio investors who wish to understand the maximum rent they can charge under the Section 8 program. Given that the market rent data is unavailable, the FMR serves as a reliable benchmark for setting rents in subsidized housing units.
N/A days on the market (DOM) and N/A% of homes experiencing price cuts indicate a lack of comprehensive data on the local real estate market's dynamics. This absence of information could be due to various factors, including a small sample size or recent changes in the market that haven't been fully captured yet.
In conclusion, the demand for rental properties in ZIP code 17263 is substantial, with 20.7% of the population being renters. The median income of $88,835 provides insight into the economic health of the area but does not directly inform about the rental market's specifics. The FMR of $1230 for fiscal year 2024 is a key figure for landlords participating in the Section 8 program. Despite the limitations in market rent and home value data, the presence of a significant renter population and a defined FMR suggests that the area remains viable for Section 8 investments. Verdict: ZIP 17263 is suitable for Section 8 investments, given the established FMR and the notable renter share.
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.