Location: York-Hanover, PA | Metro: York-Hanover, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The ZIP code 17342 presents a mixed landscape for both renters and landlords. The median income stands at $92,019, which provides insight into the economic capacity of the households within this area. However, the absence of specific market rate data leaves us with a critical gap in understanding how easily residents can afford housing.
To fill this gap, we must consider the voucher payment standard, which is set at $1200 per month for Fiscal Year 2024. This figure represents a significant portion of the potential rental costs that a household might face. Given the median income, it is reasonable to infer that without precise market rate data, the average rent could be higher than the voucher payment standard, indicating an affordability challenge for some renters.
The ZIP code has a rental population of 563 individuals, with 32.1% of the total population being renters. This suggests a notable segment of the community relies on rental housing, creating a competitive environment for landlords. The affordability gap, where the median income may not cover the actual market rates, implies that there could be a substantial number of renters seeking assistance through vouchers. Landlords must navigate this scenario carefully to ensure they attract tenants who can consistently pay their rent.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: voucher tenants offer a stable and government-backed income stream, especially in areas where the market rates exceed the financial comfort of many residents. While cash-paying tenants might offer higher monthly rents, the risk of vacancy and delayed payments increases in a market where the median income is relatively high but still below the likely market rates. Therefore, embracing voucher tenants can be a prudent strategy for landlords looking to secure steady occupancy and income in ZIP 17342.
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.