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 | $134,133 | 1.09% | B |
| 3BR | $1,860 | $183,918 | 1.01% | B |
| 4BR | $2,020 | $197,967 | 1.02% | B |
| 5BR | $2,343 | $216,226 | 1.08% | B |
U.S. Census Bureau data (2024)
ZIP code 15214 is situated in the urban fabric of Pittsburgh, Pennsylvania, a neighborhood characterized by a diverse mix of residents and housing types. With a population of 14,048, it's a moderately sized area where nearly one-third of the residents are renters, representing 34.9% of the total population. The median household income here stands at $61,645, which is reflective of a middle-class community. The median home value in the area is $171,468, indicating that homeownership is relatively affordable compared to other parts of the city.
Moving into the economic landscape of rental properties, the Fair Market Rent (FMR) for ZIP 15214 in fiscal year 2024 is set at $1,190. This figure is notably lower than the market rent, known as the Zillow Observed Rental Index (ZORI), which is currently at $1,494. This discrepancy suggests that there is a significant opportunity for landlords and small-portfolio investors to capitalize on the difference between government-subsidized rents and the actual market rates.
The neighborhood is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the presence of a substantial number of renters who might benefit from Section 8 vouchers can ensure steady occupancy and reliable income streams. However, for those looking to actively manage their investments, the potential to increase property values and rental incomes above the FMR offers a compelling value-add proposition. Given the economic indicators, a hands-on approach could yield higher returns through improvements and strategic positioning of properties within the rental 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.