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 | $1,090 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $2,060 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,060 | $241,711 | 0.85% | C |
U.S. Census Bureau data (2024)
The market in ZIP code 18517 presents a dynamic equilibrium that favors neither an overwhelming surplus nor a shortage of rental properties. With a Fair Market Rent (FMR) set at $1000 for the fiscal year 2024, landlords can expect to meet a standard benchmark for rental pricing. The Census ACS reports a market rent of $1,203, indicating that there is a slight premium over the FMR, which suggests that the local rental market is robust and slightly exceeds the government's affordability targets.
The median home value stands at $191,723, providing insight into the overall housing economy of the area. This figure, combined with the FMR and market rent data, points towards a mixed housing market where both homeownership and renting coexist. However, the fact that the percentage of price-cut share and days on market (DOM) are not available means we cannot precisely quantify the supply-demand relationship in terms of price adjustments or listing durations. Instead, we must rely on other indicators to understand the market dynamics.
A significant 32.9% of the population in ZIP 18517 are renters. This high renter share implies ongoing long-term housing pressure, as a substantial portion of residents are unable to secure homeownership. Such a scenario often leads to persistent demand for rental units, creating a stable market for landlords and small-portfolio investors. It also suggests that any downturn in the broader economy could have a pronounced effect on the rental market, given the reliance of a large segment of the population on rental housing.
In summary, ZIP 18517 appears to be a balanced market with a strong rental component. The slight premium of market rents over FMRs indicates a healthy demand for rental properties, while the high renter share underscores the importance of rental housing to the local economy. These factors create a favorable environment for landlords and small-portfolio investors who can leverage the steady demand for rental units to maintain occupancy rates and manage their investments effectively.
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.