Location: Scranton--Wilkes-Barre, PA | Metro: Scranton--Wilkes-Barre, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
The ZIP code 18540, located in the Scranton--Wilkes-Barre, PA MSA, has a Fair Market Rent (FMR) of $1040 for FY 2024. This figure is slightly higher than the average FMR for a 1-bedroom apartment in the Scranton--Wilkes-Barre, PA MSA metro area, which is $1,028 per month according to HUD's FY 2026 data.
Regarding market rent and home values, the specific data for ZIP 18540 is not available. However, the average market rent for a 2-bedroom apartment in the Scranton--Wilkes-Barre, PA MSA is $1,252 per month. The lack of home value data for ZIP 18540 makes it difficult to determine its exact position within the metro area's real estate market.
The absence of precise home value and renter share percentages for ZIP 18540 suggests that it could potentially be a value pocket within the metro. Value pockets are typically characterized by lower-than-average home values and higher-than-average renter shares, which often indicate a concentration of Section 8 eligible tenants. Without specific renter share data, we cannot definitively conclude that 18540 is a Section 8 sweet spot, but the higher FMR compared to the average could suggest a slightly more desirable location within the MSA.
To make a more informed assessment, landlords and small-portfolio investors should consider local trends and seek additional data on ZIP 18540, such as renter share percentages and home values, to understand its true position within the Scranton--Wilkes-Barre, PA MSA real estate market.
Data Sources: FMR data from HUD (2027).
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.