Location: Wayne County, PA | Metro: Wayne County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
A landlord considering purchasing property in ZIP code 18437 for Section 8 purposes must navigate several key factors to make an informed decision. The first question to address is whether the Fair Market Rent (FMR) of $1,040 for the metro area in fiscal year 2026 can cover the debt service on a property valued at $260,213. Calculating the monthly mortgage payment using a typical 30-year fixed-rate mortgage at an average interest rate of 5%, the debt service would be approximately $1,385. Since the FMR of $1,040 does not exceed the debt service of $1,385, the answer to the first question is No. This indicates that relying solely on the FMR for this ZIP code would not be sufficient to meet the financial obligations associated with the property.
Moving to the second question: Is the market rent above, at, or below the FMR? Unfortunately, the data provided states that the market rent is N/A, which means there is insufficient information to determine if the market rent supports or undercuts the FMR. Without this information, the answer to this question is also N/A, indicating that further research into local rental market conditions is required.
The third consideration is the level of demand for rentals. In ZIP 18437, 14.0% of residents are renters, and the days on market (DOM) for rental listings is N/A. With only 14.0% of the population renting, there is limited demand for rental properties. This percentage suggests that the majority of the housing stock is owner-occupied, which could indicate a less active rental market. However, without knowing the DOM, it's unclear how quickly rental units are being leased. Therefore, the answer to this question is It Depends, as the demand is low but the speed of leasing is unknown.
To summarize, based on the provided data, the decision to purchase in ZIP 18437 for Section 8 purposes is Not Recommended. The FMR does not cover the debt service, the market rent data is unavailable, and the demand for rentals is low. Landlords should seek additional information on the local rental market, including current market rents and the speed at which rental properties are leased, before making a final decision.
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.