Location: Indiana County, PA | Metro: Armstrong County, PA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $159,611 | 0.63% | D |
| 3BR | $1,370 | $223,764 | 0.61% | D |
| 4BR | $1,460 | $263,266 | 0.55% | F |
U.S. Census Bureau data (2024)
The ZIP code 15774, located in Shelocta, PA, sits within the broader Indiana County, PA metro area. Its Federal Market Rent (FMR) for fiscal year 2024 is set at $850, which stands higher than the local market rent of $740. This suggests that federally subsidized rents are slightly above what the market would naturally dictate, potentially indicating an area where government assistance plays a significant role in housing affordability.
The median home value in ZIP 15774 is $190,330, which places it squarely in the mid-tier range when compared to typical ZIP codes in Indiana County. Home values in the county can vary widely, but $190,330 is neither exceptionally low nor high, suggesting that while property owners might not be sitting on substantial equity, they also aren't facing extremely low valuations that could impact their investment returns negatively.
A key metric for understanding the rental landscape is the renter share, which is 16.1% in ZIP 15774. This percentage is likely indicative of a moderate rental market within the county, where a sizeable portion of residents own their homes, but there is still a notable number of renters. When considering the higher FMR against the market rent, it's reasonable to infer that 15774 could be attractive to landlords participating in Section 8 programs due to the subsidy bridging the gap between market rates and affordable rents.
The combination of a relatively high FMR and a below-metro average home value, alongside a moderate renter share, points towards 15774 being a value pocket within its metro. This means it offers opportunities for both homeowners and landlords who are looking for areas where federal subsidies can enhance profitability and make housing more accessible to lower-income tenants. However, the slightly elevated FMR and the modest renter share suggest that while there is potential for Section 8 properties to perform well, it is not necessarily a sweet spot characterized by a high concentration of renters and low home values.
In conclusion, ZIP 15774 presents itself as a balanced opportunity within the Indiana County, PA metro. It is neither a premium sub-market nor a low-value area, but rather a segment where federal subsidies can play a pivotal role in maintaining a healthy rental market for small-portfolio investors and landlords.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.