Location: Lancaster, PA | Metro: Lancaster, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,150 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
ZIP code 17564, located within the Lancaster, PA Metropolitan Statistical Area (MSA), presents a unique opportunity for real estate investors, particularly those interested in Section 8 properties. The Fair Market Rent (FMR) for ZIP 17564 in fiscal year 2024 is set at $1330. This figure is crucial for understanding the rental market dynamics within this area.
To contextualize this, let's consider the typical metrics for ZIP codes within the Lancaster, PA MSA. While specific data points for market rents and home values are not available for ZIP 17564, we can make some inferences based on the provided FMR. The FMR serves as a benchmark for affordable housing and is generally lower than market rents. For ZIP 17564, an FMR of $1330 suggests that it could be a value pocket within the larger MSA, especially if market rents exceed this amount significantly. This would indicate a potentially lucrative area for Section 8 landlords, as they can secure a steady stream of income while offering affordable housing options.
The lack of data on market rents, home values, and renter share percentages for ZIP 17564 makes direct comparisons challenging. However, the absence of high home values and a specified renter share percentage might imply that this ZIP code has a higher concentration of renters who rely on government assistance, such as Section 8 vouchers. This characteristic is often seen in value pockets where the cost of living is relatively low compared to the broader metropolitan area.
In summary, ZIP 17564 appears to be a value pocket within the Lancaster, PA MSA. Its FMR of $1330 aligns well with the goals of Section 8 investors seeking stable rental income in areas where affordable housing is critical. Although specific market data is not available, the inference drawn from the FMR suggests that this ZIP code offers a niche investment opportunity for those looking to capitalize on the needs of low-income renters.
Data Sources: FMR data from HUD (2027).
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.