Location: Scranton--Wilkes-Barre, PA | Metro: Scranton--Wilkes-Barre, PA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
The Fair Market Rent (FMR) for ZIP code 18711 in Pennsylvania for fiscal year 2024 is set at $1040. This figure represents the payment standard used by the Housing Choice Voucher Program, commonly known as Section 8, and it does not directly equate to the rent you can charge your tenants. Landlords receive this amount, or a portion of it, to cover the housing costs for eligible low-income families.
To understand the potential demand for Section 8 rentals in ZIP 18711, consider the percentage of renters who might be interested in such programs. Unfortunately, the exact percentage of renters in this area relying on assistance is listed as N/A. However, this does not necessarily mean there is no demand; many areas lack detailed statistics, but still have a significant number of individuals seeking affordable housing options.
Regarding the acquisition cost of a property in ZIP 18711, the median home value is also listed as N/A. Without specific figures, it's challenging to provide an exact benchmark for property values. Nonetheless, it's important to research the local real estate market thoroughly to ensure that the FMR of $1040 will cover a reasonable portion of your expenses, including mortgage payments, maintenance, and other costs associated with owning a rental property.
Before proceeding with a Section 8 rental, one critical step is to verify the condition of the property against the Housing Quality Standards (HQS). These standards ensure that the property meets basic safety and habitability criteria. A thorough inspection and any necessary repairs to meet these standards must be completed prior to renting to a Section 8 tenant. This verification process is essential to avoid delays and ensure compliance with the program requirements.
Data Sources: FMR data from HUD (2027).
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.