Section 8 Fair Market Rent (FMR) for ZIP 18221 - 2027
Location: Scranton--Wilkes-Barre, PA | Metro: Scranton--Wilkes-Barre, PA MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $980 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$71,250
To determine if a landlord should invest in ZIP code 18221 for Section 8 properties, follow this decision tree:
- 1) Does FMR $1090 (ZIP FY 2024) clear debt service on a property?
- If yes: Proceed to the next question.
- If no: Do not invest. The Federal Market Rent (FMR) of $1090 must be sufficient to cover all costs including mortgage payments, taxes, insurance, and maintenance. Without this, the investment will not be financially viable.
- 2) Is market rent above, at, or below FMR?
- If market rent is above FMR: It depends on how much higher the market rent is compared to the FMR. A significant difference could indicate strong rental demand, but also that Section 8 tenants might struggle to find co-payment funds. Carefully evaluate the local economic conditions and tenant ability to pay the difference.
- If market rent is at FMR: Consider investing. This indicates that the rental rates align well with the FMR, making it easier for Section 8 tenants to afford the rent. However, ensure there's enough demand for these units.
- If market rent is below FMR: Investing could be profitable. Landlords would receive a higher rate than the local market, which can help in covering expenses and generating a profit. This scenario suggests that the ZIP code is undervalued relative to the FMR.
- 3) Are 26.4% renters + N/A-day DOM enough demand?
- If the days on market (DOM) is low (e.g., less than 30 days): Yes, there is likely enough demand. A low DOM combined with a 26.4% rental rate indicates that properties are being rented quickly, suggesting a healthy market for Section 8 properties.
- If the DOM is high (e.g., over 60 days): It depends on other factors such as vacancy rates and competition. High DOM might suggest weak demand, but if there are few competitors and high vacancy rates, the demand could still be sufficient for Section 8 units.
Note: Specific market rent and DOM figures are required to make a definitive decision. Without these details, the analysis remains incomplete.
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.