Location: Venango County, PA | Metro: Crawford County, PA
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 | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,300 |
| 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 | $126,436 | 0.8% | D |
| 3BR | $1,300 | $196,922 | 0.66% | D |
U.S. Census Bureau data (2024)
The ZIP code 16362, located in Utica, PA, presents a dynamic rental market characterized by the interplay between federal fair market rents (FMRs) and local market conditions. The Fair Market Rent set by the U.S. Department of Housing and Urban Development (HUD) for ZIP 16362 in fiscal year 2024 is $850, indicating the benchmark for affordability under Section 8 programs. In contrast, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $654. This discrepancy suggests that the local rental market is currently below the federally established threshold, possibly due to an oversupply of rental units or a lack of sufficient demand.
The median home value in ZIP 16362 is $165,555. While this figure alone does not provide a complete picture of the housing market, it can be indicative of the overall economic environment. Lower median home values might suggest a less affluent area, which could correlate with a higher percentage of renters who may not have the financial means to purchase homes. Indeed, the 13.2% renter share in this ZIP code indicates a significant portion of the population relies on rental housing. This share is relatively low compared to many urban areas but still substantial enough to suggest ongoing housing pressure, particularly if there is a trend towards increasing rental rates or decreasing availability of affordable housing options.
The absence of data regarding the percentage of price cuts and days on market (DOM) for rental listings implies that there may not be a high turnover rate or significant discounts being offered to attract tenants. This could indicate a stable market where properties are rented out without much difficulty, though it also leaves room for uncertainty regarding the immediate dynamics of supply and demand.
In summary, ZIP 16362 operates within a framework where the HUD FMR exceeds the current market rent, suggesting a potential surplus of rental units or lower demand. The 13.2% renter share points to a mix of homeownership and renting, with some long-term pressure on rental housing. Landlords and small-portfolio investors should consider these factors when evaluating the potential for investment returns and property management challenges in this area.
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.