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 | $1,140 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,480 | $234,253 | 0.63% | D |
| 3BR | $1,880 | $310,182 | 0.61% | D |
U.S. Census Bureau data (2024)
ZIP code 15055 encompasses a small, tight-knit neighborhood within Lawrence, PA. With a total population of 1,403, it is predominantly owner-occupied, with only 8.4% of residents being renters. The median household income in this area stands at $71,719, indicating a middle-class community where families can afford decent living standards. The median home value in ZIP 15055 is $291,149, reflecting a modestly priced residential market.
The rent economics in this ZIP code present an interesting opportunity for investors. The Fair Market Rent (FMR) for the area, as determined by HUD for fiscal year 2024, is set at $1,200. This figure is notably higher than the average market rent reported by the Census Bureau's American Community Survey (ACS), which is $1,037. This discrepancy suggests that there is a potential for rental properties to command rents above the market average if they meet the criteria for Section 8 vouchers.
Given these economic factors, ZIP 15055 is likely to appeal to hands-off voucher operators. The higher FMR compared to the market rent means that landlords can potentially receive a subsidy that bridges the gap between the market rate and the amount tenants can pay. However, the low percentage of renters in the area indicates that demand for rental units might be limited, making it important for investors to focus on properties that are well-maintained and attractive to voucher holders.
On the other hand, for hands-on value-add buyers looking to improve properties and increase their value, this ZIP code also offers opportunities. By investing in renovations and ensuring compliance with Section 8 requirements, such as maintaining a certain standard of property quality, landlords can position themselves to attract tenants willing to pay closer to the FMR. The combination of a moderate housing market and a supportive subsidy structure makes ZIP 15055 a viable option for both hands-off and hands-on Section 8 investors, but success will depend on understanding the local demand and the specific needs of voucher holders.
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.