Section 8 Fair Market Rent (FMR) for ZIP 19160 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 19160 in Unknown, PA, for fiscal year 2024 is set at $1640. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is a federal government initiative aimed at assisting low-income families with housing costs. It's important to note that this is not the actual rent you will receive; rather, it's the benchmark used to determine the rent subsidy.

To understand the implications of this FMR, consider the local average rent, which is currently N/A. While we don't have specific numbers for comparison, knowing the FMR helps you set a competitive rate for your property while ensuring compliance with the program guidelines. The FMR is designed to reflect the typical market rates for rental properties in the area, so setting your rent slightly below this figure can attract tenants without leaving money on the table.

The demand for Section 8 rentals in ZIP 19160 is indicated by the N/A% share of renters who qualify for the program. This percentage gives you an idea of how many potential tenants might be looking for a Section 8 property. If the percentage is high, it suggests there is significant demand for affordable housing options, which could make your property attractive to those seeking assistance.

In terms of acquiring a property, the median home value in the area is N/A. This information can help you gauge whether purchasing a property in this ZIP code aligns with your investment goals and budget. Remember, the FMR is not tied directly to the purchase price but can influence the rental income you expect to receive through the program.

Before you decide to participate in the Section 8 program with your rental property, ensure that your property meets all the required standards. Specifically, you must verify that your property passes the Housing Quality Standards (HQS) inspection. This inspection checks for basic safety and habitability criteria and is necessary for approval under the program.

In summary, the FMR of $1640 for ZIP 19160 provides a critical guideline for setting your rent and understanding the local market. With a significant portion of renters qualifying for Section 8 assistance, you can anticipate a steady demand for your property. However, the key step to take before entering the program is confirming that your property complies with the HQS 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.