Location: Lancaster, PA | Metro: Lancaster, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,730 |
| 1 Bedroom | $1,880 |
| 2 Bedrooms | $2,330 |
| 3 Bedrooms | $2,970 |
| 4 Bedrooms | $3,060 |
| 5 Bedrooms | $3,550 |
| 6 Bedrooms | $3,976 |
| 7 Bedrooms | $4,294 |
| 8 Bedrooms | $4,509 |
U.S. Census Bureau data (2024)
ZIP code 17606, located in Lancaster, Pennsylvania, is characterized by a heavy concentration of renters, with 83.1% of the population renting their homes. This makes it a prime location for landlords and small-portfolio investors interested in Section 8 tenants. The area's high percentage of renters indicates a strong demand for rental properties, particularly those that accept housing vouchers.
The median household income for ZIP code 17606 is not available, which suggests a diverse range of incomes among residents. However, given the significant proportion of renters, it is reasonable to assume that many households rely on rental assistance programs. The market rent in this area is $2,208, which aligns closely with the Fair Market Rent (FMR) set at $1,880 for FY 2024. This similarity between market rent and FMR indicates that the rental prices are competitive and reflect the affordability needs of the local tenant pool.
A landlord in ZIP code 17606 can expect to attract tenants who are likely to have lower incomes and require housing vouchers to afford their living expenses. Given the scarcity of median income data, it is challenging to provide a precise percentage of local income consumed by rent. However, the alignment of market rent with FMR suggests that landlords will be able to find tenants who can reasonably afford the rent through voucher assistance.
To conclude, ZIP code 17606 is a renter-heavy area with a robust demand for housing vouchers. Landlords should prepare for a tenant pool that heavily relies on Section 8 vouchers to cover their monthly rent payments. The close match between market rent and FMR ensures that these vouchers will effectively support the cost of living in this area.
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.