Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
The ZIP code 15088 is situated in a quiet, residential neighborhood that offers a peaceful living environment for its residents. With a total population of 344, it's evident that this area is relatively small and close-knit. The rental market represents 26.6% of the housing stock, indicating a modest but present demand for rental properties.
Economically, the neighborhood has a median household income of $55,000, which suggests that while residents have stable incomes, they are likely price-sensitive when it comes to housing costs. The median home value stands at $81,628, reflecting an affordable real estate market that could be attractive to first-time homeowners or investors looking for entry-level opportunities.
Moving into the specifics of the rent economics, the Fair Market Rent (FMR) for ZIP 15088 in fiscal year 2024 is set at $930. This figure closely aligns with the market rent of $935, as reported by the Census Bureau's American Community Survey. This near parity between FMR and market rent indicates a well-balanced situation where Section 8 tenants can afford decent housing without significantly undercutting the local rental market.
Given these conditions, ZIP 15088 is suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the stability in rent prices and the modest rental market make it a safe bet for consistent cash flow with minimal management headaches. Meanwhile, for those interested in a more active approach, the affordability of homes and the potential to improve property values through renovations or strategic upgrades present opportunities for increasing returns over time.
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.