FMR is below market; voucher rent may lag private rents.
0.81
1 BR
1 BR
0.93ratio
FMR$860
Market$920
vs market-$60
FMR is near market; voucher and private rents are aligned.
0.93
2 BR
2 BR
1.13ratio
FMR$1,100
Market$970
vs market+$130
FMR is above market; underwrite to market rent.
1.13
3 BR
3 BR
1.14ratio
FMR$1,350
Market$1,180
vs market+$170
FMR is above market; underwrite to market rent.
1.14
4 BR
4 BR
1.31ratio
FMR$1,520
Market$1,160
vs market+$360
FMR is above market; underwrite to market rent.
1.31
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
ZIP 16475 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 16475 (Albion, PA) is $1,100 a month. That is up 8.9% from $1,010 in FY 2026. Albion is in the Erie, PA MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,091. Among 43 ZIP codes in Erie County, 16475 is tied for the 16th-highest two-bedroom rent (county range $1,100–$1,600). The median county two-bedroom FMR in Pennsylvania is $1,136, so ZIP 16475 is 3% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 16475
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$710
$760
+7.0%
$684–$836
1BR
$780
$860
+10.3%
$774–$946
2BR
$1,010
$1,100
+8.9%
$990–$1,210
3BR
$1,260
$1,350
+7.1%
$1,215–$1,485
4BR
$1,370
$1,520
+10.9%
$1,368–$1,672
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 16475
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$760
$860
$1,100
$1,350
$1,520
FY 2026
$710
$780
$1,010
$1,260
$1,370
FY 2025
$660
$700
$910
$1,130
$1,230
FY 2024
$720
$750
$980
$1,220
$1,340
FY 2023area FMR
$703
$731
$947
$1,174
$1,301
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
How much will Section 8 pay for a two-bedroom in ZIP 16475?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,091, which applies unless the housing authority uses Small Area FMRs, that basic range is $982 to $1,200 a month; under the ZIP-level Small Area FMR of $1,100 it would be $990 to $1,210. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 16475 in?
ZIP 16475 is in the Erie, PA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,091.
How much did fair market rent change in ZIP 16475 for FY 2027?
The two-bedroom FMR rose 8.9%, from $1,010 in FY 2026 to $1,100 in FY 2027. Since FY 2024 it has risen 12.2%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set