Location: Wayne County, 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 | $920 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,250 | $206,373 | 0.61% | D |
| 3BR | $1,590 | $287,193 | 0.55% | F |
| 4BR | $2,090 | $377,186 | 0.55% | F |
U.S. Census Bureau data (2024)
The ZIP code 18472, located in Waymart, Pennsylvania, presents an interesting scenario when viewed from the perspective of a renter. The median income in this area stands at $61,094, which places significant constraints on how much a household can realistically afford to spend on rent. At the market rate of $1,016 per month, as reported by the Census Bureau's American Community Survey (ACS), a household would be allocating nearly 20% of their annual income towards housing costs.
To put this into perspective, let’s consider the Federal Market Rent (FMR) standard, which is set at $1,040 for fiscal year 2024. This indicates that the government recognizes the need for slightly higher rental payments than the current market rate to ensure fair compensation for landlords. However, it also highlights the affordability gap faced by tenants in Waymart, where the market rate is already close to the FMR standard, suggesting that many households might find it challenging to meet these expenses without financial assistance.
With 27.1% of the population being renters and a total population of 6,601, the competition among landlords is moderate. There are approximately 1,789 renters in the ZIP code, and the demand for affordable housing is likely high given the tight budgetary constraints many households face. Landlords who offer units at or below the market rate may attract more tenants, but those who align with the FMR could benefit from government subsidies through the Section 8 program.
The takeaway for landlords considering voucher versus cash-pay strategies in ZIP 18472 is clear. While offering units at the market rate of $1,016 might appeal to tenants who can afford to pay out-of-pocket, participating in the Section 8 program at the FMR rate of $1,040 ensures steady income backed by government guarantees. This strategy not only helps landlords avoid the risk of vacancy but also supports the local community by providing affordable housing options.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.