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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,190 | $97,720 | 1.22% | A |
| 3BR | $1,520 | $131,135 | 1.16% | B |
| 4BR | $1,650 | $140,483 | 1.17% | B |
U.S. Census Bureau data (2024)
The ZIP code 15133, located in McKeesport, PA, within the Pittsburgh, PA HUD Metro FMR Area, presents a unique opportunity for inclusion in a Section 8 portfolio strategy. This area serves best as a cash-flow anchor due to the favorable spread between the Fair Market Rent (FMR) and the actual market rent.
In fiscal year 2024, the HUD FMR for ZIP 15133 is set at $1080 for a one-bedroom unit. In contrast, the current market rent stands at $1,063. This means that landlords participating in the Section 8 program can receive a higher rent subsidy than the typical market rate, creating a positive cash flow scenario. The median home value in the area is $117,524, which indicates a relatively low-cost housing market, making property acquisition and maintenance more affordable.
ZIP 15133 is not an ideal appreciation play because the price-cut share is only 0.2%, and there is no data available on days on the market (DOM), suggesting limited volatility and slow price movements. For a portfolio focused on capital appreciation, other areas with higher growth potential would be more suitable.
While ZIP 15133 has a renter share of 20.7%, indicating a moderate level of rentership, and a median income of $65,938, these factors alone do not make it a primary diversifier. However, they contribute to the stability of the cash flow anchor role by ensuring a steady demand for rental properties and a reasonable tenant income level to support the rent.
To summarize, ZIP 15133 should be considered a cash-flow anchor in a Section 8 portfolio strategy. The positive spread between the FMR and market rent ensures that landlords can achieve stable and predictable cash flows, while the low median home value supports lower operational costs. These factors make the area attractive for investors seeking reliable income streams rather than rapid capital appreciation.
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.