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 real estate landscape in ZIP 18239 presents a unique set of conditions that both landlords and small-portfolio investors should carefully consider. The median home value data is currently unavailable, which suggests that there might be limited historical context to anchor our analysis. However, we can observe that a significant portion of listings—also unspecified at this moment—are being reduced, indicating a possible shift in seller expectations due to market conditions.
The median days on market (DOM) is also unspecified, but typically, a lower DOM can indicate a faster-moving market where homes sell quickly, often leading to higher competition among buyers and potentially stronger pricing power for sellers. Conversely, if the DOM is higher, it could imply a slower market where homes take longer to sell, possibly putting downward pressure on prices.
On the rental side, the Fair Market Rent (FMR) for ZIP 18239 in fiscal year 2024 is set at $1040. This figure is crucial as it reflects the government's assessment of the average rental cost for a moderate-quality dwelling in the area. If the current market rents are below this figure, landlords might have an opportunity to adjust their rates closer to the FMR, assuming they maintain property quality standards. However, if market rents are already above or close to the FMR, it signals that the rental market is robust and competitive, which could limit further upward adjustments in rent.
For long-term investors, the lack of specific appreciation data means there isn't a clear trend indicating future growth in property values. Without concrete appreciation figures, it's challenging to build a strong thesis around capital gains. Instead, investors might focus on cash flow generated from rentals, ensuring that their properties are well-managed and priced competitively relative to the FMR.
The combination of reduced listings and the FMR provides insight into the potential balance between supply and demand. A high number of reduced listings coupled with a relatively stable or increasing FMR could suggest a market where pricing power remains with the landlord or seller, as long as properties are priced appropriately and maintained to meet market standards. This dynamic supports a strategy focused on maintaining or slightly increasing rental income while keeping an eye on the broader economic factors that influence housing markets.
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.