Location: Lancaster, PA | Metro: Lancaster, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
U.S. Census Bureau data (2024)
The ZIP code 17507 stands out due to its unique demographic and economic characteristics. With only 64 residents, it is among the smallest communities in terms of population size. A significant 73.4% of these residents are renters, indicating a strong reliance on rental housing. Despite the lack of specific data on median income and median home value, the Federal Market Rent (FMR) for the area in fiscal year 2024 is set at $1190, which provides a benchmark for rental rates.
In the context of Section 8 voucher economics, landlords and small-portfolio investors should be aware that the FMR serves as a guideline for maximum rent levels that can be charged to tenants with vouchers. Given that the market rent data is unavailable, the FMR of $1190 becomes particularly important. Landlords must ensure their rental properties are priced competitively but also within the allowable limits to attract tenants with vouchers. This means setting rents that are not only affordable but also reflect the actual living conditions and amenities offered in the units.
The data signature for ZIP 17507 reads as transitional. The high percentage of renters suggests an ongoing shift towards more transient populations, possibly due to limited job opportunities or other socio-economic factors. The absence of median income and home value data indicates a need for further investigation into the economic stability of the area. For investors and landlords, this implies that while there is potential for stable rental income through Section 8 vouchers, the overall economic environment remains uncertain and could change rapidly. It is advisable to monitor local economic indicators closely and adjust investment strategies accordingly.
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.