Location: Scranton--Wilkes-Barre, PA | Metro: Scranton--Wilkes-Barre, PA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,810 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,810 | $249,943 | 0.72% | D |
| 4BR | $1,990 | $292,624 | 0.68% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 18447 in fiscal year 2024 is set at $1090. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive; rather, it's the benchmark used to determine if the rent is reasonable compared to other market rates.
In comparison, the local ZORI (Zillow Observed Rent Index) for 18447 is $1,500. This means that the average rent for similar properties in your area exceeds the Section 8 limit by about $410 per month. However, the FMR is designed to cover a broad range of housing types and conditions, ensuring that rents are affordable for low-income families while still providing a fair payment to landlords.
The renter share, which is 25.9% in your area, indicates the percentage of residents who are renters. This suggests that there is a significant demand for rental properties, particularly those that cater to low-income individuals and families. The high demand can be beneficial for landlords looking to secure long-term tenants, but it also means that competition for Section 8 participants might be fierce.
When considering the acquisition cost of a property, the median home value in ZIP code 18447 is $226,415. This figure can help you understand the initial investment required to purchase a property suitable for Section 8 tenancy. While this might seem like a substantial upfront cost, it's important to weigh it against the potential long-term stability and government support that comes with being part of the Section 8 program.
Before making the decision to participate in Section 8 with a rental property in ZIP code 18447, verify that the property meets all the necessary quality and safety standards set by the Housing Authority. These requirements ensure that the property is habitable and up to code, which is essential for both tenant satisfaction and compliance with the program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.