Section 8 Fair Market Rent (FMR) for ZIP 15037 - 2027

Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area

Investment Score for ZIP 15037

Monthly Rent (2BR)

$1,170

Median Price (2BR)

$141,805

1% Rule

0.83%

Annual Yield

9.9%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$910
1 Bedroom	$970
2 Bedrooms	$1,170
3 Bedrooms	$1,490
4 Bedrooms	$1,620
5 Bedrooms	$1,879
6 Bedrooms	$2,104
7 Bedrooms	$2,272
8 Bedrooms	$2,386

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,170	$141,805	0.83%	C
3BR	$1,490	$205,306	0.73%	D
4BR	$1,620	$305,467	0.53%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

10,417

Median Household Income

$77,579

Housing Units

4,634

Renter Percentage

15.4%

Occupancy Rate

93.5%

Renter Occupied

669

A landlord considering ZIP 15037 (Elizabeth, PA) for Section 8 investments must evaluate several key factors to make an informed decision.

Step 1: Debt Service Coverage Ratio (DSCR)

The Fair Market Rent (FMR) for a one-bedroom unit in ZIP 15037 for fiscal year 2024 is $1050. For a property valued at $187,220, we need to determine if this rent can cover the debt service. Assuming typical financing terms, the annual debt service would be around $12,000 based on a 30-year fixed mortgage rate of 4.5%. The monthly debt service would then be approximately $1000. Given that the FMR is $1050, it does clear the debt service, providing a positive DSCR. Therefore, the answer to the first question is Yes.

Step 2: Market Rent Comparison

The average market rent for ZIP 15037 is reported at $917 per month according to the Census ACS data. This figure is below the FMR of $1050. Landlords who can secure Section 8 tenants will be able to command higher rents compared to the general market, which is beneficial. Thus, the second question's answer is Yes, as the FMR exceeds the market rent.

Step 3: Demand Analysis

In ZIP 15037, 15.4% of residents are renters. However, the Days on Market (DOM) data is not available. To determine if there is sufficient demand, consider the following:

If the rental vacancy rate is low, indicating strong competition among renters, then the 15.4% share of renters suggests a robust demand for rental properties. In this scenario, the answer would be Yes.
If the rental vacancy rate is high, suggesting weak demand, then even with the 15.4% share of renters, it might not be enough. In this case, the answer would be No.
If the rental vacancy rate is moderate, the answer would depend on the landlord's ability to attract Section 8 tenants over other types of renters. Here, the answer would be It Depends.

To summarize, if the landlord can ensure a positive DSCR and there is strong or moderate demand for rentals in ZIP 15037, investing in Section 8 properties is advisable. The key lies in understanding local vacancy rates and the ease of securing Section 8 tenants, which will ultimately guide the final decision.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.