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 | $1,090 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,410 | $190,736 | 0.74% | D |
| 3BR | $1,800 | $306,856 | 0.59% | F |
| 4BR | $1,950 | $582,922 | 0.33% | F |
| 5BR | $2,262 | $782,688 | 0.29% | F |
U.S. Census Bureau data (2024)
The ZIP code 15215 in Pittsburgh, PA, stands out due to its unique demographic and economic characteristics. With a population of 11,907, this area has a rental rate of 26.7%, indicating a moderate reliance on rented properties. The median income here is $99,071, placing it above the national average, while the median home value of $340,362 reflects a stable housing market.
For landlords and small-portfolio investors, the key economic driver is the disparity between the Fair Market Rent (FMR) and the actual market rent. The FMR for ZIP 15215 for fiscal year 2024 is set at $1,180, whereas the Zillow Observed Rent Index (ZORI) indicates a market rent of $1,496. This means that landlords who accept Section 8 vouchers can expect to receive less than the market rate for their units. However, the difference of $316 per month does not necessarily indicate a loss, as Section 8 tenants often provide more stable tenancy and are subject to rigorous screening processes, reducing the risk of non-payment or damage to property.
Despite the lower rent compared to market rates, the overall data signature of ZIP 15215 suggests a stable environment. The median income is relatively high, and the median home value indicates a strong local economy. These factors contribute to a sense of financial security and predictability for both residents and property owners. While the rental market may be somewhat influenced by the presence of Section 8 vouchers, the broader economic indicators point towards stability rather than transition.
In conclusion, ZIP 15215 offers a balanced opportunity for landlords and investors. Although the FMR is below the market rent, the high median income and stable home values make it a desirable location. The area's characteristics suggest a stable environment, which can be beneficial for long-term investments and property management strategies.
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.