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 | $1,130 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,020 |
| 5 Bedrooms | $2,343 |
| 6 Bedrooms | $2,624 |
| 7 Bedrooms | $2,834 |
| 8 Bedrooms | $2,976 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,460 | $104,708 | 1.39% | A |
| 3BR | $1,860 | $131,252 | 1.42% | A |
| 4BR | $2,020 | $139,592 | 1.45% | A |
| 5BR | $2,343 | $142,310 | 1.65% | A+ |
U.S. Census Bureau data (2024)
The ZIP code 15204 in Pittsburgh, PA, stands out within Allegheny County due to its unique demographic and economic characteristics. With a population of 8,467 residents, 29.8% of whom rent their homes, it has a median household income of $59,420 and a median home value of $125,525. These figures indicate a middle-class neighborhood where homeownership is slightly more prevalent than renting.
In terms of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 15204 in fiscal year 2024 is set at $1,190, which is notably lower than the market rate of $1,238, as measured by ZORI (Zillow Rent Index). This difference means that landlords accepting Section 8 vouchers in this area will receive a subsidy that is approximately $48 less per month than the average market rent. While this gap may seem small, it can impact the attractiveness of the program for landlords who might prefer higher rental yields.
The data signature of ZIP 15204 suggests a stable environment. The median income and home values reflect a consistent economic profile without significant fluctuations. The slight disparity between the FMR and the market rent indicates a balanced market, where the demand for subsidized housing is met but does not exceed the supply. This stability is favorable for small-portfolio investors and landlords, as it implies predictable cash flows and fewer risks associated with rapid changes in the local economy or housing market.
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.