Location: Scranton--Wilkes-Barre, PA | Metro: Scranton--Wilkes-Barre, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The ZIP code 18615 represents a small, close-knit community with a total population of 1,646. Only 12.9% of residents are renters, indicating a predominantly owner-occupied area. The median household income stands at $76,184, which suggests a middle-class neighborhood where residents have stable financial situations. The median home value in this ZIP code is $223,506, reflecting a modest but comfortable living environment.
When it comes to rental economics, the Fair Market Rent (FMR) for ZIP 18615 as of fiscal year 2024 is set at $1,130. However, the actual market rent, according to the latest Census ACS data, is significantly lower at $800 per month. This discrepancy highlights an opportunity for investors who can leverage the difference between the FMR and the market rent to attract Section 8 tenants while maintaining profitability.
Given these economic conditions, ZIP 18615 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For those looking to operate hands-off, the stability of the local economy and the relatively low percentage of renters make it an ideal location to secure long-term, government-backed rental income without the need for extensive property management. On the other hand, for hands-on investors aiming to add value, the gap between the FMR and market rent offers a chance to improve properties and increase rents closer to the FMR, thereby enhancing returns on investment.
In conclusion, ZIP 18615 presents a balanced opportunity for Section 8 investors. With a solid foundation of stable income levels and modest property values, combined with favorable rent economics, this area can support various investment strategies, whether passive or active. Investors should consider the potential for both steady cash flow and property appreciation when evaluating opportunities in this ZIP code.
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.