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 | $1,610 |
| 1 Bedroom | $1,720 |
| 2 Bedrooms | $2,080 |
| 3 Bedrooms | $2,650 |
| 4 Bedrooms | $2,880 |
| 5 Bedrooms | $3,341 |
| 6 Bedrooms | $3,742 |
| 7 Bedrooms | $4,041 |
| 8 Bedrooms | $4,243 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,080 | $214,653 | 0.97% | C |
| 3BR | $2,650 | $271,392 | 0.98% | C |
| 4BR | $2,880 | $311,526 | 0.92% | C |
U.S. Census Bureau data (2024)
The rent math in ZIP code 15042, part of the Freedom, PA, Pittsburgh, PA HUD Metro Fair Market Rent (FMR) area, presents a mixed picture. The FMR for the zip code for fiscal year 2024 is set at $1740. However, the Census American Community Survey (ACS) indicates that the market rent is lower at $1,583. This suggests that landlords might face some pressure to offer rents closer to the market rate to attract tenants.
Acquisition in this area is relatively affordable, given the median home value stands at $255,205. Although there's no data available on days on market (DOM), the fact that only 0.2% of homes have been subject to price cuts implies a stable housing market where homes retain their value well. This stability can be reassuring for investors looking to enter the market without the risk of significant price depreciation.
Tenant demand is present but not overwhelming. With a total population of 7,733, the renter share is 15.7%, indicating a modest pool of potential renters. While this share ensures a steady demand, it also means competition among rental properties could be intense, necessitating a competitive pricing strategy to secure tenants.
In conclusion, while the rent math leans towards the market rate rather than the higher FMR, the affordability of acquisitions and the presence of a stable housing market make ZIP 15042 a viable option for small-portfolio investors. Tenant demand is moderate, suggesting the need for competitive pricing strategies. Given the data, landlords should aim to align their rental rates with the market average of $1,583 to maximize occupancy and investment returns.
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.