Section 8 Fair Market Rent (FMR) for ZIP 15216 - 2027

Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area

Investment Score for ZIP 15216

Monthly Rent (2BR)

$1,410

Median Price (2BR)

$158,024

1% Rule

0.89%

Annual Yield

10.71%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,160	$120,228	0.96%	C
2BR	$1,410	$158,024	0.89%	C
3BR	$1,800	$223,643	0.8%	C
4BR	$1,950	$342,706	0.57%	F
5BR	$2,262	$350,285	0.65%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

21,471

Median Household Income

$80,313

Housing Units

11,354

Renter Percentage

35.4%

Occupancy Rate

91.0%

Renter Occupied

3,654

The ZIP code 15216, located in Pittsburgh, PA, is a vibrant urban neighborhood that offers a mix of historic charm and modern amenities. This area is well-connected, featuring easy access to public transportation, which makes it attractive for both residents and visitors. The presence of local businesses and cultural attractions contributes to its lively atmosphere.

Fair Market Rent (FMR) for ZIP 15216 in fiscal year 2024: The FMR stands at $1290, indicating the average rental price for a two-bedroom apartment under the Section 8 program.
Market Rent (ZORI): The actual market rent for a similar unit is slightly higher at $1,346, reflecting the true cost of renting in this area.
Middle Home Value: The median home value in ZIP 15216 is $214,413, showing the typical cost of homeownership.
Renter Share: 35.4% of the population are renters, suggesting a significant demand for rental properties.
Days on Market (DOM): Properties typically spend 31 days on the market before being rented out, indicating a relatively quick turnover rate.
Median Income: The median household income in the area is $80,313, providing insight into the financial stability of potential tenants.

In summary, ZIP 15216 presents a balanced market for landlords and small-portfolio investors. With a strong rental demand indicated by the high renter share and a median income that supports affordability, coupled with a competitive market rent just above the FMR, this area offers solid returns. The quick turnover rate reflected in the DOM suggests efficient property management and minimal vacancy periods. However, investors should also consider the median home value when assessing the overall economic landscape and potential for appreciation.

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.