Section 8 Fair Market Rent (FMR) for ZIP 15051 - 2027

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

Investment Score for ZIP 15051

Monthly Rent (2BR)

$1,540

Median Price (2BR)

$137,490

1% Rule

1.12%

Annual Yield

13.44%

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	$1,190
1 Bedroom	$1,270
2 Bedrooms	$1,540
3 Bedrooms	$1,970
4 Bedrooms	$2,130
5 Bedrooms	$2,471
6 Bedrooms	$2,768
7 Bedrooms	$2,989
8 Bedrooms	$3,138

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	$1,540	$137,490	1.12%	B

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

329

Median Household Income

$62,563

Housing Units

243

Renter Percentage

35.5%

Occupancy Rate

83.5%

Renter Occupied

When considering whether to purchase a property in ZIP code 15051 (Indianola, PA) for Section 8 investment, follow this decision tree:

1) Does the Fair Market Rent (FMR) of $1400 cover the debt service on a property valued at $137,892?

Yes. The FMR of $1400 is sufficient to cover typical debt service costs associated with a property of this value. Debt service, which includes principal and interest payments on a mortgage, can be estimated at approximately $600-$800 per month for a property priced at $137,892, assuming a standard loan-to-value ratio and current interest rates. This leaves a positive cash flow margin when comparing against the FMR.
No. If your debt service exceeds $1400 per month, then the FMR does not sufficiently cover your costs. In this case, purchasing a property in Indianola for Section 8 would not be financially viable.

2) Is the market rent of $1,355 above, at, or below the FMR?

Below. The market rent of $1,355 is below the FMR of $1400, indicating that the rental market is slightly less lucrative than what Section 8 allows. However, this difference is minimal and does not significantly impact the decision to invest unless you prioritize maximizing rental income over securing stable tenants.

3) Are there enough renters and is the days on the market (DOM) acceptable to meet demand?

It depends. With 35.5% of the population renting, there is a moderate level of demand. However, the lack of data on days on the market (DOM) makes it challenging to assess how quickly properties are typically rented out. If the DOM is low, it suggests high demand and fast turnover, which is favorable. Conversely, if DOM is high, it indicates slower demand and could pose challenges in finding tenants promptly.

In conclusion, for ZIP 15051, the FMR adequately covers debt service, and while market rent is slightly below the FMR, the primary concern revolves around the availability of data on DOM. If DOM is low, the answer is a clear Yes; if DOM is high, the answer shifts to a No. Without specific DOM data, the final decision hinges on the balance between acceptable DOM and the presence of other investment opportunities that might offer higher returns or more certainty.

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.