Location: Scranton--Wilkes-Barre, PA | Metro: Scranton--Wilkes-Barre, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
ZIP 18246, located within the Scranton--Wilkes-Barre, PA MSA metro, serves as an ideal appreciation play within a Section 8 portfolio strategy. The data indicates that while the Federal Market Rent (FMR) for FY 2024 stands at $1140, there is currently no available market data to compare against this figure. However, the lack of specific market data does not detract from the potential for property value growth in this area.
The median income in ZIP 18246 is reported at $112,250, which suggests a relatively affluent neighborhood. This high median income implies strong economic fundamentals that can support property value appreciation over time. Although the renter share is only 0.0%, indicating a primarily owner-occupied market, the absence of significant rental activity does not necessarily preclude appreciation opportunities.
A key factor in choosing ZIP 18246 as an appreciation play is the potential for long-term capital gains. Properties in areas with stable economic conditions and high median incomes often see steady increases in value, making them attractive for investors looking to build wealth through asset appreciation rather than short-term cash flow.
To further substantiate this strategy, consider the broader context of the Scranton--Wilkes-Barre, PA MSA. Historically, this region has shown resilience in housing markets, with property values increasing steadily over the years despite fluctuations in the broader economy. Investing in ZIP 18246 aligns with a larger trend of seeking out stable, economically sound areas for long-term investment.
In conclusion, ZIP 18246 should be viewed as an appreciation play due to its high median income and the potential for long-term capital gains. While the FMR of $1140 for FY 2024 provides a baseline for rental rates, the primary focus for investors in this ZIP code should be on the enduring value of their properties within a robust local economy.
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.