Location: Scranton--Wilkes-Barre, PA | Metro: Scranton--Wilkes-Barre, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
U.S. Census Bureau data (2024)
ZIP code 18622 is located within the Scranton--Wilkes-Barre, PA Metropolitan Statistical Area (MSA). The Fair Market Rent (FMR) for ZIP 18622 in fiscal year 2024 is set at $960. This figure is crucial for landlords and investors who participate in the Housing Choice Voucher Program, also known as Section 8.
Comparatively, the FMR of $960 in ZIP 18622 is lower than the average FMR across typical ZIP codes within the Scranton--Wilkes-Barre, PA MSA. The lack of market rent and home value data for ZIP 18622 makes it challenging to provide a comprehensive comparison, but we can infer that it likely represents a value pocket within the broader metropolitan area.
A value pocket is characterized by relatively lower costs compared to the surrounding areas, which can be attractive for investors looking to maximize returns on their investment properties. Given the 0.0% renter share in ZIP 18622, it suggests that very few residents rent their homes, which contrasts sharply with the typical ZIP codes in the region where a higher percentage of residents might be renters.
The absence of a significant renter population could indicate a less desirable location for Section 8 vouchers, as the program primarily supports renters. However, the low FMR combined with the lack of rental activity does not necessarily mean it's an undesirable investment opportunity. Instead, it might suggest that the area is predominantly owner-occupied, with fewer opportunities for rental income.
To determine if 18622 is a Section 8 sweet spot, we would need additional data such as the renter share and market rents of neighboring ZIP codes. Typically, a high renter share coupled with below-average home values within the metro signals a sweet spot for Section 8 investments. In the absence of such data, we cannot definitively classify ZIP 18622 as a sweet spot, but the low FMR does hint at potential affordability benefits for investors.
Investors should consider conducting further research into the local real estate market dynamics, including property values, rental trends, and demographic shifts, to make informed decisions about the viability of investing in ZIP 18622 under the Section 8 program.
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.