Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,090 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,810 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
U.S. Census Bureau data (2024)
The ZIP code 15031 presents a significant opportunity for landlords and small-portfolio investors interested in attracting Section 8 tenants. With a population of 382, over half of whom are renters at 57.9%, this area is clearly renter-heavy. The high percentage of renters indicates a strong demand for housing assistance through rental vouchers.
The median household income in this ZIP is $35,404, which is notably lower than the Fair Market Rent (FMR) threshold set by HUD for FY 2024, which is $1,200 per month. Given that the typical market rent in this area is $1,022, it represents approximately 30% of the median local income. This suggests that the majority of residents would find it challenging to afford market rents without some form of assistance, making them prime candidates for Section 8 vouchers.
A comparison between the market rent and the FMR further underscores the potential for a robust Section 8 tenant pool. At $1,022, the market rent is below the FMR, indicating that landlords who set their rents at or slightly above this figure could still be within the reach of voucher holders. However, the difference between the two figures—$178—means that landlords might need to adjust their rents upward to align with the FMR to maximize their chances of attracting voucher tenants.
In terms of tenant profiles, landlords in ZIP 15031 can expect a mix of families and individuals with low to moderate incomes. These tenants will likely require financial assistance to cover the cost of rent, especially given the disparity between local incomes and both the market rent and FMR. They will be looking for affordable housing options that fit within their budget constraints, making properties that accept Section 8 vouchers highly attractive.
To conclude, ZIP 15031 is an area with a substantial number of renters and a median income that supports a deep demand for rental vouchers. Landlords who position themselves to accept Section 8 tenants will be well-positioned to fill their units with responsible individuals and families seeking stable housing solutions.
Data Sources: FMR data from HUD (2027). 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.