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 | $1,160 |
| 1 Bedroom | $1,240 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,080 |
| 5 Bedrooms | $2,413 |
| 6 Bedrooms | $2,703 |
| 7 Bedrooms | $2,919 |
| 8 Bedrooms | $3,065 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,240 | $86,231 | 1.44% | A |
| 2BR | $1,500 | $112,547 | 1.33% | A |
| 3BR | $1,910 | $158,437 | 1.21% | A |
| 4BR | $2,080 | $248,742 | 0.84% | C |
| 5BR | $2,413 | $191,310 | 1.26% | A |
U.S. Census Bureau data (2024)
The rent math in ZIP code 15221, located in the Pittsburgh, PA HUD Metro FMR Area, does not align perfectly. The Fair Market Rent (FMR) set at $1210 for the fiscal year 2024 contrasts with the actual market rent, which stands at $1,280 (ZORI). This discrepancy suggests that landlords may need to adjust their rental pricing to match the FMR guidelines, potentially impacting profitability.
Acquisition in this area remains relatively affordable, with a median home value of $147,117. The low 30-day Days on Market (DOM) indicates that homes are selling quickly, suggesting strong buyer interest. Additionally, the minimal 0.2% share of listings that require price cuts further supports the affordability and attractiveness of the market for potential acquisitions.
Tenant demand is robust in ZIP 15221, with a total population of 29,374 and 55.3% of residents being renters. This high percentage of renters points to a significant pool of potential tenants, making it likely that landlords will find interested parties for their properties.
In summary, while the rent math does not fully favor landlords due to the gap between FMR and market rent, the acquisition costs remain low and attractive. The strong tenant demand provides a solid foundation for investment, ensuring that properties can be filled with renters despite the pricing challenges. Landlords should carefully consider these factors when deciding to invest in this ZIP code.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.