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 | $950 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,360 | $164,620 | 0.83% | C |
| 3BR | $1,780 | $200,191 | 0.89% | C |
| 4BR | $1,960 | $235,134 | 0.83% | C |
U.S. Census Bureau data (2024)
ZIP code 18504, located in Scranton, PA, falls within the broader Scranton--Wilkes-Barre, PA Metropolitan Statistical Area (MSA). To contextualize its real estate metrics, we must compare them against the typical characteristics of ZIP codes within this MSA.
The Fair Market Rent (FMR) for ZIP 18504 is set at $1000 for fiscal year 2024. This figure is notably lower than the market rent of $1,302, indicating that the area might be a value pocket for landlords participating in the Section 8 program. The FMR serves as a benchmark for rental assistance payments and is typically lower than the actual market rents to ensure affordability for low-income tenants.
The median home value in ZIP 18504 is $177,384, which is likely reflective of the overall housing market conditions within the Scranton--Wilkes-Barre MSA. However, without specific comparative data on other ZIP codes within the MSA, it's challenging to definitively categorize 18504 as either above or below average in terms of home values. Nonetheless, given the relatively low FMR and market rent, it suggests that the area may have a more affordable housing market compared to some other parts of the MSA.
A significant indicator for the potential attractiveness of ZIP 18504 to landlords involved in the Section 8 program is the high renter share of 42.1%. This percentage is higher than the national average and signifies a substantial portion of the population relies on rental housing. High renter share combined with below-metro home values can indeed signal a sweet spot for Section 8 properties, as it implies a robust demand for affordable rentals.
In summary, ZIP 18504 appears to be a value pocket within the Scranton--Wilkes-Barre MSA, offering landlords an opportunity to participate in the Section 8 program with a lower FMR than market rent. The high renter share and relatively lower home values suggest a strong market for affordable rentals, making it an attractive location for those seeking to invest in subsidized housing.
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.