Location: Scott County, IL | Metro: Pike County, IL
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 | $680 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $980 | $110,035 | 0.89% | C |
| 3BR | $1,200 | $159,399 | 0.75% | D |
| 4BR | $1,480 | $226,883 | 0.65% | D |
U.S. Census Bureau data (2024)
The ZIP code 62363, located in Pittsfield, IL within the Scott County, IL metro area, presents an interesting comparison when examining its Federal Market Rent (FMR) and other housing metrics against the broader county context. With an FMR of $970 for fiscal year 2026, it stands notably higher than the average market rent of $713. This suggests that the federal government is willing to pay more for housing in this specific ZIP compared to what the local market demands, potentially indicating a demand-supply imbalance or unique characteristics of the housing stock.
The median home value in ZIP 62363 is listed at $134,496, which is lower than what might be expected in a metro area with higher FMRs. This could imply that while rental properties are valued higher by the government, the overall housing market may still offer affordability to homeowners. The renter share of 21.3% is slightly above the national average but not necessarily indicative of a particularly strong rental market within the metro area.
Given the specific figures, ZIP 62363 appears to be a value pocket within the Scott County, IL metro. The disparity between the FMR and the market rent, combined with the relatively low home values, suggests that there are opportunities for landlords and small-portfolio investors who can leverage the higher subsidy rates without facing the same level of competition or property costs as in more premium sub-markets. However, the slightly elevated renter share also points towards a segment of the population that relies on rental assistance programs, making it a strategic location for those focused on Section 8 properties.
A key observation is the divergence between the FMR and the market rent, which is unusually high in this case. This could signal a potential sweet spot for Section 8 properties, where the federal subsidies cover a significant portion of the cost, making it financially viable for landlords even if the underlying home values are lower than the metro average. Such dynamics can create a niche market for affordable housing that benefits both tenants 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.