Location: Scranton--Wilkes-Barre, PA | Metro: Scranton--Wilkes-Barre, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,620 |
| 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)
The ZIP code 18656 is situated in a quiet, suburban neighborhood characterized by its relatively low population density of 2,066 residents. The area is predominantly owned, with only 7.2% of the households being renters, indicating a strong preference for homeownership among the local populace. This trend is further supported by the median home value of $258,601, which suggests a stable and somewhat affluent community.
Economically, the median household income of $76,804 places residents in a comfortable financial position, capable of supporting a modest level of rental activity. However, the Federal Market Rent (FMR) for the area in fiscal year 2024 is set at $970, which is notably lower than the reported market rent of $1,010 based on Census ACS data. This discrepancy highlights a potential challenge for landlords operating under the Section 8 program, as they must balance the voucher rates with the higher market rents.
Given these factors, ZIP 18656 would likely be a better fit for a hands-on value-add buyer rather than a hands-off voucher operator. The low percentage of renters and the gap between FMR and market rent indicate that landlords would need to actively manage their properties to ensure profitability. They might consider enhancing property amenities or improving maintenance standards to justify the higher rents required to cover costs 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.