Location: Gettysburg, PA | Metro: Gettysburg, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,280 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,230 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 17344, McSherrystown, PA, for fiscal year 2024 is set at $1210. This figure represents the maximum amount that a landlord can charge a tenant participating in the Section 8 housing program. It's important to note that this is not the rent you will receive; rather, it's the limit on what the tenant can be asked to pay out-of-pocket plus the subsidy from the government.
In comparison, the average rent in McSherrystown, based on Census American Community Survey (ACS) data, is $1,387. This means that if you're considering a Section 8 rental, your income from the property would be slightly below the local average. However, given that 43.4% of residents in the area are renters, there is a substantial demand for rental properties, including those covered under Section 8.
The median home value in McSherrystown is around $242,339. If you're looking to acquire a property for your first Section 8 rental, this gives you an idea of the typical price range you might encounter. While the FMR sets a cap on potential income, the high renter share suggests that finding tenants should not be difficult.
Before you make the decision to enter into a Section 8 agreement, it's crucial to verify that the property meets all the necessary requirements. This includes ensuring that the unit passes a Housing Quality Standards (HQS) inspection, which checks for safety, habitability, and structural soundness. Failure to meet these standards could result in penalties or loss of contract.
Section 8 rentals provide a stable source of income and are a viable option for landlords and small-portfolio investors in McSherrystown. With a clear understanding of the FMR and the local rental market, you can make an informed decision about whether this program fits your investment strategy.
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.