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 | $1,040 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,350 | $134,227 | 1.01% | B |
| 3BR | $1,720 | $177,681 | 0.97% | C |
| 4BR | $1,870 | $219,816 | 0.85% | C |
| 5BR | $2,169 | $235,921 | 0.92% | C |
U.S. Census Bureau data (2024)
The market in ZIP 15147, Verona, PA, reflects a dynamic balance between supply and demand. With a Fair Market Rent (FMR) of $1060 for the fiscal year 2024 and a market rent (ZORI) of $1,517, there's a notable gap indicating that rental properties are commanding higher prices than the government benchmark suggests. This implies that the local rental market is robust, likely due to a combination of factors including job availability, population growth, and limited inventory.
The low price-cut share of 0.2% and a relatively short days on market (DOM) of 26 days suggest that homes are selling quickly at or near their asking prices, which is indicative of strong buyer interest. The median home value stands at $169,389, a figure that can help potential sellers gauge the current value of their property. However, it's important to note that the median home value alone doesn't provide insight into the overall health of the housing market; it must be considered alongside other metrics such as FMR and ZORI.
A 29.8% renter share indicates a significant portion of the population in Verona relies on rental housing. This high percentage of renters can exert long-term upward pressure on rents if the trend continues, as it suggests a steady demand for rental units. Landlords and small-portfolio investors should take note of this statistic, as it points towards a stable rental market. However, it also means that any future increase in housing costs could lead to increased financial stress for renters, potentially affecting their ability to pay higher rents.
In summary, ZIP 15147 presents a market where demand appears to be keeping pace with supply, particularly in the rental sector. The relatively high market rent compared to the FMR and the low price-cut share signal a favorable environment for those looking to sell or rent out their properties. For investors, understanding these dynamics can inform decisions on whether to enter or expand in this market, especially considering the ongoing need for rental housing.
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.