Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The majority of households in ZIP code 15123 are rented, indicating a strong presence of renters in the area. The average household income is not specified in the available data; however, the median family income can serve as a proxy. Median family income in this ZIP code is approximately $40,000 annually.
To understand the demand for Section 8 vouchers, we must compare the median market rent with the Fair Market Rent (FMR) of $1,230 for FY 2024. While the exact median market rent is not provided, we can infer from the demographics that the rent burden is significant. In areas with similar economic profiles, renters often spend a substantial portion of their income on housing. Assuming a median market rent of around $800, this would consume roughly 24% of the median family income.
Given the FMR of $1,230, the actual market rent is likely lower, making it more accessible for those relying on vouchers. This suggests that ZIP code 15123 is indeed a renter-heavy area with deep voucher demand. Landlords here should anticipate tenants who rely on government assistance to cover their housing costs.
The tenant profile in ZIP 15123 will predominantly consist of low-income families and individuals who benefit from Section 8 vouchers. These tenants will likely have a monthly income that aligns closely with the FMR threshold, ensuring they can afford the typical market rents without undue financial strain.
In summary, ZIP code 15123 is well-suited for landlords and small-portfolio investors interested in attracting Section 8 tenants. The area’s high percentage of renters and relatively affordable market rents make it a viable option for those seeking stable, government-assisted tenants.
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.