Location: Scranton--Wilkes-Barre, PA | Metro: Scranton--Wilkes-Barre, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
U.S. Census Bureau data (2024)
The dynamics of ZIP code 18617 reveal a market in motion, influenced by the interplay between rental and homeownership costs. With a Fair Market Rent (FMR) of $910 for the fiscal year 2024, it stands slightly above the current market rent of $800 as reported by the Census American Community Survey (ACS). This suggests that while rental prices are currently stable, there's a potential upward pressure driven by the FMR guidelines, which can influence subsidies and rental assistance programs.
The median home value of $115,604 indicates an affordable market for potential homeowners. However, the lack of data on price-cut shares and days on market (DOM) makes it challenging to assess whether supply is outpacing demand or vice versa. In the absence of such time-series data, we must rely on other indicators to infer market conditions.
A significant 35.9% of residents in ZIP 18617 are renters. This high percentage implies persistent long-term housing pressure, as a substantial portion of the population is likely to continue seeking rental accommodations rather than purchasing homes. Such a scenario often leads to steady demand for rental properties, which can support higher occupancy rates and potentially stabilize rental prices over time.
The gap between the FMR and the actual market rent signals a market where rental prices could be rising to meet the subsidy levels, but without definitive time-series data, this remains an inference based on the snapshot provided. The relatively low median home value also points to an area that may attract first-time homebuyers, balancing the rental market but not necessarily overwhelming it.
In summary, ZIP 18617 presents a market characterized by a balance between rental and ownership opportunities, with a strong indication of sustained rental demand due to the high percentage of renters. Landlords and small-portfolio investors should monitor trends closely, especially those related to rental subsidies and the local economy, to navigate the market effectively.
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.