Location: Scranton--Wilkes-Barre, PA | Metro: Scranton--Wilkes-Barre, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,160 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,670 |
| 3 Bedrooms | $2,180 |
| 4 Bedrooms | $2,400 |
| 5 Bedrooms | $2,784 |
| 6 Bedrooms | $3,118 |
| 7 Bedrooms | $3,367 |
| 8 Bedrooms | $3,535 |
U.S. Census Bureau data (2024)
The ZIP code 18471 stands out with a unique data signature that sets it apart from other areas. With only 667 residents, it is a small community where 7.4% of the population rents their homes. The median income in this ZIP is relatively high at $140,536, indicating an affluent area. This is further supported by the median home value of $439,223, which is also quite substantial.
Turning to the specifics of Section 8 housing, the Fair Market Rent (FMR) for ZIP 18471 in fiscal year 2024 is set at $1190. However, the market rent data is currently unavailable, making it difficult to directly compare the two figures. Despite this gap in information, landlords can still benefit from understanding the economic dynamics at play.
The high median income suggests that many residents have the financial means to afford higher rents. Therefore, even though the FMR is lower than the typical market rent might be, the overall economic health of the area could attract a steady stream of tenants who are capable of paying the required rent through their vouchers. This dynamic creates a stable environment for landlords participating in the Section 8 program, as they are likely to see fewer issues related to tenant payment reliability.
Given the limited number of renters and the high median income and home values, the data signature for ZIP 18471 reads as "stable." Landlords can expect consistent demand from those who qualify for Section 8 vouchers, and the likelihood of transitional periods due to economic fluctuations is minimal. The combination of these factors provides a reliable foundation for investment in rental properties within this ZIP code.
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.