Location: Scranton--Wilkes-Barre, PA | Metro: Scranton--Wilkes-Barre, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,170 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,210 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
U.S. Census Bureau data (2024)
The ZIP code 18602 presents several challenges for landlords considering Section 8 investments. Tenant turnover is a significant concern, especially when comparing the market rent, which is currently unavailable, to the Fair Market Rent (FMR) of $1560 for FY 2024. This discrepancy can lead to frequent changes in occupancy, which may disrupt property management and maintenance schedules.
Vacancy exposure is another issue, as the days on market (DOM) data is also not available. This lack of information makes it difficult to predict how long a unit might remain vacant between tenants, leading to potential financial strain during these periods. Furthermore, the deferred maintenance risk is elevated due to the unknown typical home value and the relatively low median income of $160,962. Landlords must be prepared to invest in necessary repairs and upgrades without the assurance of higher rents to cover these costs.
However, these risks are somewhat mitigated by the 0.9% renter share in the area, indicating a high concentration of renters. High renter density typically translates into increased demand for rental housing, including units that accept Section 8 vouchers. Despite the challenges, the strong presence of renters suggests a stable tenant pool, which can help ensure consistent occupancy and income.
Verdict: Moderate risk for a first-time Section 8 landlord.
Data Sources: FMR data from HUD (2027). 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.