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 | $850 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,100 | $69,787 | 1.58% | A+ |
| 3BR | $1,400 | $68,480 | 2.04% | A+ |
| 4BR | $1,520 | $80,676 | 1.88% | A+ |
U.S. Census Bureau data (2024)
The classification of ZIP 15148, located in Wilmerding, PA, reveals a unique balance between yield and stability that can inform investment strategies.
On the yield axis, the data suggests a potentially high-yielding opportunity. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1060, which is significantly higher than the current market rent of $802. This indicates that properties participating in the Section 8 program could generate a rental income of $258 more per unit compared to the market rate. However, the home value of $71,118 must also be considered when calculating overall yield, as it impacts the initial investment cost.
Moving to the stability axis, the ZIP code shows a mixed profile. With 60.2% of residents being renters, there is a strong demand for rental housing, which supports stable cash flow. The median household income of $37,179 provides insight into the economic base supporting the rental market, although the lack of data on days on market (DOM) means we cannot assess how quickly vacancies are filled once they occur. This absence of DOM data introduces an element of uncertainty regarding the speed of tenant turnover and the consistency of cash flow.
Given these factors, ZIP 15148 appears to be a market that leans towards steady cash flow but with the potential for higher yields through participation in the Section 8 program. The substantial difference between FMR and market rent suggests that landlords can benefit from government subsidies, increasing their rental income. Meanwhile, the high percentage of renters and moderate income levels indicate a reliable tenant pool, though the exact stability of the market is somewhat obscured by the missing DOM data.
To conclude, this ZIP code represents a middle-ground opportunity. It is not a high-yield/low-stability flip-style market, nor is it purely a steady-cashflow zone. Instead, it offers a blend of both, with the potential for enhanced returns through the Section 8 program while maintaining a reasonably stable tenant population.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.