Location: Scranton--Wilkes-Barre, PA | Metro: Scranton--Wilkes-Barre, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
The Section 8 housing market in ZIP code 18223, located within the Scranton--Wilkes-Barre, PA MSA, presents a unique opportunity for real estate investors. The HUD Fair Market Rent (FMR) for the area, set at $1080 for fiscal year 2024, serves as a benchmark for rental rates under the Section 8 program. However, without specific data on the current market rents, it's challenging to make a direct comparison. Nonetheless, it's crucial to understand that voucher tenants typically cashflow at the FMR rate, meaning landlords can expect a steady income stream that matches the HUD guidelines.
To derive the rent-to-price ratio, we would need the median home value for ZIP 18223, which is currently unavailable. This ratio helps determine whether renting or buying is more financially advantageous for potential residents. In the absence of these figures, we cannot provide a precise rent-to-price ratio, but the FMR can still be used to gauge the rental market's alignment with the cost of living in the area.
The dynamics between days on market (DOM) and the percentage of homes that experience price cuts can offer insights into the broader real estate market. For ZIP 18223, these metrics are also not available, which means we cannot assess how quickly properties sell or the frequency of price reductions. These factors can influence the attractiveness of the buy-versus-rent decision for voucher holders.
In conclusion, given the steady income provided by the FMR and the lack of specific market rent data indicating volatility, the strongest angle for Section 8 investors in ZIP 18223 is likely to be stability. Landlords can count on consistent rental income, which is particularly valuable in an uncertain economic environment. This stability allows for predictable cash flow and financial planning, making it an attractive proposition for those focused on long-term investment strategies.
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.