Location: Wayne County, PA | Metro: Wayne County, PA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
U.S. Census Bureau data (2024)
The median income in ZIP code 18455 stands at $57,115. Given the lack of specific market rate rental data, we must rely on the Fair Market Rent (FMR) standard set for voucher payments, which is $1,130 per month for the metro area in fiscal year 2026. This figure provides a benchmark for evaluating the affordability of housing in the area.
Considering the median income, the FMR of $1,130 represents approximately 24% of monthly gross income before taxes. While this percentage is within the generally accepted range for affordable housing, it leaves a significant portion of the household budget allocated towards rent, leaving less room for other expenses such as utilities, food, and healthcare.
The ZIP code has a relatively low renter population of 148 individuals, with only 10.9% of residents being renters. This suggests a smaller pool of potential tenants, which could lead to increased competition among landlords. The affordability gap means that landlords might have to consider offering competitive rents or additional amenities to attract and retain tenants.
For landlords weighing the pros and cons of accepting vouchers versus relying on cash-paying tenants, the data points to a nuanced decision. Vouchers provide a guaranteed payment of $1,130, ensuring consistent income but potentially limiting flexibility in setting higher rents. On the other hand, cash-paying tenants could offer the possibility of higher rents, but landlords would need to ensure these rates remain within the affordability threshold for the majority of the local population to avoid vacancies.
Takeaway: Landlords in ZIP 18455 should be prepared for a competitive environment due to the limited number of renters. Accepting vouchers can secure a steady income stream, aligning closely with the financial reality of many households. However, landlords who wish to maximize their revenue might find success with cash-paying tenants if they can offer attractive properties at slightly above FMR rates, without pricing out the local market.
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.