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 |
ZIP code 18577 is situated within the Scranton--Wilkes-Barre, PA MSA. The Fair Market Rent (FMR) for ZIP 18577 is set at $1040 for the fiscal year 2024. This figure is crucial for landlords and small-portfolio investors who wish to understand the rental price guidelines established by HUD for eligibility purposes.
Comparatively, typical ZIP codes within the Scranton--Wilkes-Barre, PA MSA have varying FMRs, but the specific market rent and home value figures for ZIP 18577 are currently unavailable. Similarly, the percentage of renters within this ZIP code is also not provided, which limits a direct comparison to other ZIP codes within the same MSA.
The absence of specific market rent and home value data makes it challenging to categorize ZIP 18577 definitively as a value pocket, mid-tier neighborhood, or premium sub-market. However, the FMR of $1040 can be used as a benchmark to infer the general rental price environment.
In the context of Section 8 analysis, ZIP 18577 could potentially offer opportunities for landlords due to its defined FMR. The lack of market rent data suggests that landlords should closely monitor local rental trends to ensure their properties remain competitive and attractive to tenants. Additionally, the unknown percentage of renters might indicate that the area has a significant number of potential Section 8 applicants, making it a noteworthy location for landlords looking to participate in the program.
Without additional data points, such as specific market rents and home values, it's difficult to assert whether ZIP 18577 represents a unique sweet spot for Section 8 properties. However, landlords and investors should consider the $1040 FMR as a key factor when setting rents and evaluating property investments within this ZIP code.
To make a more informed decision, it would be beneficial to gather supplementary data on market rents and home values in ZIP 18577. This would allow for a clearer assessment of the area's rental dynamics and its appeal as a Section 8 investment opportunity.
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.