Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,320 |
| 1 Bedroom | $1,400 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,170 |
| 4 Bedrooms | $2,360 |
| 5 Bedrooms | $2,738 |
| 6 Bedrooms | $3,067 |
| 7 Bedrooms | $3,312 |
| 8 Bedrooms | $3,478 |
U.S. Census Bureau data (2024)
The ZIP code 15064 stands out due to its unique mix of residents and housing values. With only 360 residents, it has a relatively low population density, but 62.0% of those residents rent their homes, indicating a significant portion of the housing stock is dedicated to rental properties. The median home value in this ZIP is quite high at $151,083, suggesting that homeownership is less common but valued significantly. However, the median income data is unavailable, which could imply a wide range of economic activities or demographics that aren't fully captured.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 15064 in fiscal year 2024 is set at $1,270. This figure is notably lower than the Census ACS-reported market rent of $1,361. Landlords should be aware that while the FMR provides a baseline for rental assistance, the actual market conditions suggest that there may be opportunities to slightly exceed this rate without losing tenants who rely on vouchers.
Given the high median home value and the substantial percentage of renters, the data signature for ZIP 15064 suggests a transitional environment. As rental rates approach the higher end of the spectrum, the dynamics between voucher holders and market rents could shift, potentially affecting the stability of tenant retention and landlord profitability. However, the overall picture remains stable due to the established median home value, which indicates a consistent level of investment in property ownership. For small-portfolio investors, understanding these nuances can help in making informed decisions about rental pricing and property management strategies.
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.