Location: Lancaster, PA | Metro: Lancaster, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,230 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,110 |
| 4 Bedrooms | $2,170 |
| 5 Bedrooms | $2,517 |
| 6 Bedrooms | $2,819 |
| 7 Bedrooms | $3,045 |
| 8 Bedrooms | $3,197 |
U.S. Census Bureau data (2024)
The market dynamics in ZIP code 17576, as indicated by the Fair Market Rent (FMR) of $1330 for fiscal year 2024, suggest a rental environment that is currently well-defined by federal guidelines but lacks detailed local metrics such as market rent and days on market (DOM). The absence of these figures might imply a less competitive or more stable rental market, where landlords have a clearer understanding of what constitutes a fair rent without needing to adjust prices frequently.
The 46.3% renter share highlights a significant portion of the population that relies on renting rather than owning homes. This high percentage indicates a continuous demand for rental properties, which could be due to various factors including affordability, transient populations, or a preference for renting over buying. It signals that landlords in this area can expect a steady stream of potential tenants, contributing to long-term housing pressure.
Without specific data on the price-cut share or DOM, it's challenging to determine if supply outpaces demand or vice versa. However, the reliance on federal FMR standards without local adjustments suggests a balanced market where neither supply nor demand is overwhelming the other. This balance allows landlords to maintain their rents at federally recommended levels without facing significant challenges in occupancy.
The median home value being listed as N/A could indicate that homeownership data is either sparse or not as relevant to the current market analysis. In ZIP 17576, the focus should remain on the rental sector, given the substantial renter share and the availability of FMR data. Landlords should prepare for a market where the demand for rental properties remains consistent, driven by a significant number of renters who may face barriers to homeownership.
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.