Location: Pittsburgh, PA | Metro: Pittsburgh, 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 | $1,090 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,410 | $175,159 | 0.8% | C |
| 3BR | $1,800 | $246,221 | 0.73% | D |
| 4BR | $1,950 | $454,481 | 0.43% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 15024 does not work favorably for landlords. The Fair Market Rent (FMR) set at $1210 for the fiscal year 2024 exceeds the actual market rent reported by the Census ACS, which is $1,031. This discrepancy suggests that landlords may struggle to find tenants willing to pay the higher FMR rate.
Acquisition in ZIP 15024 is relatively affordable with a median home value of $244,186. However, the lack of data on days on market (DOM) and the percentage of homes requiring price cuts indicates that while the median value is low, there might be hidden risks in terms of property liquidity and negotiation dynamics.
Tenant demand in ZIP 15024 is moderate. With a total population of 9,325 and a renter share of 18.8%, landlords can expect a steady but not overwhelming stream of potential tenants. The small size of the rental market means that competition for renters could be fierce.
Verdict: While the acquisition cost is low, the mismatch between FMR and market rent, combined with limited data on property turnover and negotiation, poses significant challenges for landlords and small-portfolio investors. The moderate tenant demand suggests that attracting and retaining tenants will require competitive pricing and possibly other incentives. Landlords should proceed with caution and consider market realities before setting their rents at the FMR level.
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.