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 18764 in Pennsylvania for fiscal year 2024 is set at $1040. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, not the actual rent paid by individual tenants. The FMR is determined by the U.S. Department of Housing and Urban Development (HUD) and serves as a benchmark to ensure that rents are reasonable and affordable.
In ZIP 18764, the local median rent is currently listed as N/A. While this specific data point is unavailable, it's important to understand that the FMR of $1040 is likely higher than the average market rent, which could make Section 8 rentals attractive to both tenants and landlords. The percentage of renters in the area who might be eligible for Section 8 assistance is also noted as N/A%. This suggests a significant portion of potential tenants could benefit from the program, increasing the demand for Section 8 properties.
The typical cost to acquire a property in this area is listed as N/A. Although this exact figure isn't provided, it's crucial to consider that the initial investment will be offset by the guaranteed rental income from the government, assuming the property meets the required standards. Section 8 provides a stable source of income, with payments made directly by HUD if the tenant fails to pay, ensuring that landlords receive their monthly rent on time.
Before proceeding with a Section 8 rental, one key verification step is essential: ensure your property complies with HUD’s Housing Quality Standards (HQS). These standards cover a wide range of conditions, from structural integrity to safety features, and failing to meet these requirements can lead to penalties or disqualification from the program. A thorough inspection and any necessary repairs will guarantee compliance and avoid future complications.
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.