Location: Sullivan County, PA | Metro: Scranton--Wilkes-Barre, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,950 |
| 4 Bedrooms | $2,140 |
| 5 Bedrooms | $2,482 |
| 6 Bedrooms | $2,780 |
| 7 Bedrooms | $3,002 |
| 8 Bedrooms | $3,152 |
U.S. Census Bureau data (2024)
The ZIP code 18629 presents an interesting scenario for both renters and landlords. With a median household income of $59,464, the ability to cover the market rate rent of $1,109 per month is questionable. To put this into perspective, a household earning the median income would need to allocate approximately 22% of their gross monthly income towards rent, which is on the higher side but still manageable. However, it's important to note that this calculation doesn't account for other living expenses such as utilities, food, healthcare, and transportation.
Comparatively, the Fair Market Rent (FMR) for ZIP 18629 in fiscal year 2024 is set at $1,170. This is slightly above the current market rate, indicating that the voucher payment standard is keeping pace with the local rental market. For households receiving housing vouchers, the $1,170 FMR means they have a benchmark to ensure they're paying a reasonable amount for housing.
Given that only 22.1% of the 1,760 residents are renters, the competition among landlords in this area is relatively low. This suggests that there isn't a large pool of potential tenants, which could make it challenging to fill vacancies quickly. The affordability gap between the median income and the market rate rent, as well as the FMR, highlights the financial strain many renters might face. Landlords must consider this when setting rents and deciding whether to accept housing vouchers.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: while accepting vouchers might provide a steady stream of income and reduce vacancy rates, it also means adhering to the FMR, which currently aligns closely with the market rate. Cash-paying tenants, on the other hand, might offer more flexibility in terms of rent increases and fewer administrative requirements associated with voucher programs. However, given the limited number of renters, landlords should be prepared for a potentially longer search to find suitable tenants regardless of the payment method.
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.