Location: Scranton--Wilkes-Barre, PA | Metro: Scranton--Wilkes-Barre, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The ZIP code 18701 stands out as a renter-heavy area with a significant portion of its population relying on housing assistance. With 92.2% of the residents being renters, it is clear that this ZIP code has a deep voucher demand. The total population of 4,294 individuals underscores a community where rental properties are the primary form of housing.
The median household income in this area is $33,329, which directly correlates to the market rent of $902 per month. This means that the average rent consumes approximately 27% of the median monthly income, calculated by dividing the annual income by 12 and then dividing the rent by that figure. While this percentage is manageable, it highlights a financial burden for many households, especially considering other living expenses.
Comparing the market rent to the Fair Market Rent (FMR) of $950 for FY 2024, we see that the current market rent is slightly below the FMR. This suggests that landlords in ZIP 18701 can expect a steady flow of Section 8 tenants looking for affordable housing options. The gap between the market rent and the FMR indicates that there is room for slight increases without deterring voucher holders, but it also implies that competition for these tenants will be fierce among property owners.
Landlords in this area should prepare for a tenant pool characterized by low-income families who rely heavily on housing vouchers. These tenants are likely to have limited disposable income beyond their rent and utilities. It is essential for landlords to understand the intricacies of managing Section 8 properties, including the need for regular inspections and adherence to HUD guidelines. Despite the challenges, the high concentration of renters and the availability of vouchers make this ZIP code a viable market for those willing to navigate the specifics of subsidized housing.
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.