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 | $840 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,090 | $45,655 | 2.39% | A+ |
| 3BR | $1,390 | $62,115 | 2.24% | A+ |
| 4BR | $1,510 | $64,388 | 2.35% | A+ |
U.S. Census Bureau data (2024)
The ZIP code 15104, located in Braddock, PA, within the Pittsburgh, PA HUD Metro FMR Area, serves as an ideal cash-flow anchor for a Section 8 portfolio strategy. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $920, significantly lower than the market rent of $1,025. This $105 spread represents a tangible opportunity for steady, reliable rental income that can be guaranteed through the Section 8 program.
A cash-flow anchor is essential for any investment portfolio as it provides a stable foundation of predictable income. In ZIP 15104, the median home value stands at $58,332, which further supports the viability of this area as a cash-flow anchor. Given the relatively low property values, acquisition costs are minimized, allowing for a higher return on investment when compared to areas with higher median home values.
The 0.2% price-cut share and N/A-day Days on Market (DOM) indicate that while the market in Braddock might be somewhat sluggish, properties are generally listed at their asking price without significant negotiation, suggesting stability rather than volatility. This aligns well with the objective of a cash-flow anchor, which is to minimize risk and ensure consistent income.
Additionally, the 56.3% renter share and median income of $40,104 suggest a market where a substantial portion of residents rely on rental housing, including those who qualify for Section 8 assistance. This demographic characteristic reinforces the potential for sustained demand for rental properties, particularly those participating in the Section 8 program. The low median income also means that the FMR of $920 is likely to meet the needs of many tenants, making it easier to fill units and maintain occupancy rates.
In summary, ZIP 15104 is best suited as a cash-flow anchor within a Section 8 portfolio strategy. It offers a stable and predictable source of income with minimal risk, thanks to the favorable spread between FMR and market rent, along with the supportive demographic factors present in the area.
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.