Location: Monroe County, PA | Metro: Monroe County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,050 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $2,160 |
| 5 Bedrooms | $2,506 |
| 6 Bedrooms | $2,807 |
| 7 Bedrooms | $3,032 |
| 8 Bedrooms | $3,184 |
U.S. Census Bureau data (2024)
The ZIP code 18327 presents an interesting scenario for both renters and landlords. The median household income in this area stands at $96,094, which places it in a relatively high-income bracket. However, when considering the market rate for rent, which is $1,285 according to the Census ACS, it becomes evident that there is a significant affordability gap for many households.
To put this into perspective, a household earning the median income would need to allocate approximately 16.2% of their gross income towards rent alone. This percentage exceeds the commonly accepted guideline of no more than 30% of income going towards housing costs, but falls short of it, indicating a strain on disposable income. Furthermore, the Fair Market Rent (FMR) set by the government for this ZIP code is $1,390 for fiscal year 2024, slightly above the market rate.
The fact that 38.1% of the 723 residents are renters suggests a notable demand for rental properties. However, the affordability gap means that landlords will face competition, particularly from those willing to accept Housing Choice Vouchers (Section 8 vouchers). These vouchers aim to cover the difference between what a low-income family can afford and the FMR, making it easier for families with lower incomes to secure housing.
Given these dynamics, landlords in ZIP 18327 must consider their strategy carefully. Accepting vouchers can provide a steady stream of income, though it comes with government oversight and regulations. On the other hand, relying on cash-paying tenants might yield higher rents, but it could also lead to longer vacancy periods due to the limited number of households capable of paying the market rate without assistance.
The takeaway for landlords is clear: while the median income in 18327 is robust, the cost of living, especially rent, is still a challenge for many. Landlords should weigh the benefits of accepting vouchers against the potential for attracting cash-paying tenants. A balanced approach, perhaps offering a mix of units that qualify for vouchers and those aimed at higher-income earners, could be the most effective strategy to ensure consistent occupancy and revenue.
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.