Section 8 Fair Market Rent (FMR) for ZIP 15108 - 2027

Investment Score for ZIP 15108

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	$1,170
1 Bedroom	$1,250
2 Bedrooms	$1,510
3 Bedrooms	$1,930
4 Bedrooms	$2,090
5 Bedrooms	$2,424
6 Bedrooms	$2,715
7 Bedrooms	$2,932
8 Bedrooms	$3,079

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,250	$95,213	1.31%	A
2BR	$1,510	$161,519	0.93%	C
3BR	$1,930	$290,177	0.67%	D
4BR	$2,090	$461,345	0.45%	F
5BR	$2,424	$534,962	0.45%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 15108 (Coraopolis, PA) #### Section 8 Voucher Dynamics In Coraopolis, PA (ZIP code 15108), the Fair Market Rent (FMR) for a two-bedroom apartment is set at $1400 per month for 2026. This amount represents 16.7% of the median household income in the area, which stands at $100,859. The FMR is intended to reflect the average rent that a typical tenant can afford without spending more than 30% of their income on housing. However, it is important to note that the actual rental market may differ significantly from these figures. The actual rents in the area can be gauged by the Zillow median price for a two-bedroom home, which is $158,613. To understand how this translates into monthly rental costs, we use the price-to-FMR ratio of 9.4x. This implies that the average monthly rent for a two-bedroom property is approximately $168.75 ($158,613 / 9.4). Given that the FMR is $1400, this suggests that the actual rents are significantly higher than what the vouchers cover. For instance, a voucher holder seeking a three-bedroom unit would face an FMR of $1790, while the actual rent could be even higher based on the price-to-FMR ratio. This discrepancy creates significant constraints for voucher holders. They may struggle to find landlords willing to accept the lower voucher amount, especially if the landlord is already renting properties at rates above the FMR. Additionally, the limited pool of units available at or below the FMR might lead to long wait times and increased competition among voucher holders. #### Affordability & Renter Profile Coraopolis has a population of 42,799, with 26.6% of residents being renters. This indicates a moderate rental market presence, but the occupancy rate of 94.4% suggests that the housing stock is largely occupied, making it a relatively tight market. The high occupancy rate combined with the higher actual rents compared to the FMR points towards a competitive environment where finding affordable housing is challenging. Given the median household income of $100,859, most residents have the financial capability to afford housing without relying heavily on government assistance. However, the 26.6% renter population includes individuals who may benefit from Section 8 vouchers. These renters likely represent a mix of low-income families, seniors, and individuals with disabilities who rely on the vouchers to secure housing. The tight market conditions mean that there is little room for oversupply, and any new rental units entering the market could potentially alleviate some of the pressure on affordability. However, the current dynamics suggest that the demand for rental properties exceeds supply, leading to higher rents and limited availability of units within the FMR range. #### Investor Angle From an investor perspective, the ZIP code 15108 presents both opportunities and challenges. The FMR for a two-bedroom unit is $1400, which is significantly lower than the actual average rent derived from the Zillow median price. This means that an investor looking to capitalize on the rental market would need to consider whether they can achieve positive cash flow at the FMR level. To determine the investment grade, we must evaluate the potential returns against the costs. If an investor purchases a two-bedroom property at the Zillow median price of $158,613, the expected monthly rent based on the price-to-FMR ratio would be around $168.75. However, the actual rental market is likely to command much higher rates, possibly in the range of $1400-$1790 for larger units. Given the high occupancy rate and the moderate percentage of renters, there is a strong likelihood that rental demand will remain robust. However, the challenge lies in finding tenants who can afford the higher rents without relying solely on Section 8 vouchers. Investors should consider the broader rental market dynamics and the potential for achieving higher rents through market-rate leases. #### Specific Actionable Insights 1. **Focus on Units Below FMR**: Investors should prioritize acquiring properties that can be rented out at or below the FMR. This will ensure that they can attract Section 8 voucher holders, who form a significant portion of the rental market. Specifically, targeting two-bedroom units priced at $1400 or less can help secure steady tenancy. 2. **Consider Mixed-Lease Strategies**: Given the higher actual rents in the market, investors might want to adopt a mixed-lease strategy. This involves offering a combination of Section 8 units and market-rate units within the same property portfolio. By doing so, they can balance the lower guaranteed income from Section 8 units with the higher potential income from market-rate units. 3. **Engage with Local Housing Authorities**: Building relationships with local housing authorities can provide insights into the number of available vouchers and the waiting list dynamics. This knowledge can help investors make informed decisions about the types of units to acquire and the pricing strategies to employ. #### Bottom Line For Section 8-focused investors, the ZIP code 15108 (Coraopolis, PA) presents a mixed picture. While the high occupancy rate and moderate renter population suggest a stable rental market, the significant gap between FMR and actual rents poses challenges. **Recommendation**: **Hold**. Investors should hold off on aggressive acquisitions until they can secure properties that align closely with the FMR guidelines. Engaging in a mixed-lease strategy or focusing on units that can be rented below the FMR could be a viable approach to mitigate risks and ensure positive cash flow. The tight market conditions and the high actual rents indicate that securing positive cash flow purely based on FMR might be difficult. Therefore, a cautious and strategic approach is recommended to navigate the complexities of the rental market in Coraopolis.

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.