Section 8 Fair Market Rent (FMR) for ZIP 15223 - 2027

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

Investment Score for ZIP 15223

Monthly Rent (2BR)

$1,350

Median Price (2BR)

$159,890

1% Rule

0.84%

Annual Yield

10.13%

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	$1,040
1 Bedroom	$1,110
2 Bedrooms	$1,350
3 Bedrooms	$1,720
4 Bedrooms	$1,870
5 Bedrooms	$2,169
6 Bedrooms	$2,429
7 Bedrooms	$2,623
8 Bedrooms	$2,754

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,350	$159,890	0.84%	C
3BR	$1,720	$204,910	0.84%	C
4BR	$1,870	$237,580	0.79%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

6,255

Median Household Income

$61,083

Housing Units

3,530

Renter Percentage

39.1%

Occupancy Rate

91.8%

Renter Occupied

1,266

The ZIP code 15223, located in Etna, Pennsylvania, is a suburban area characterized by its blend of residential neighborhoods and proximity to urban amenities. This region offers potential rental opportunities for investors looking to tap into a market with steady demand and reasonable competition.

Fair Market Rent (FMR) for ZIP 15223 in fiscal year 2024 is set at $1060. This figure represents the benchmark for rental pricing that ensures affordability for low-income households while providing a stable income for landlords.
The market rent, as indicated by the Zillow Observed Rent Index (ZORI), stands at $1,330. This suggests that there is a premium over the FMR, indicating a healthy market where rents can be set higher than the government's affordability guidelines.
The median home value in the area is $184,981. This relatively modest price point makes it accessible for both first-time homeowners and investors looking to purchase properties for rental purposes.
Renters make up 39.1% of the housing market in ZIP 15223. This significant share indicates a strong rental demand, which is beneficial for landlords and small-portfolio investors.
The median household income is $61,083. This provides insight into the financial capacity of residents, suggesting that there is enough economic stability to support rental payments at the market rate.
The Days on Market (DOM) for rental listings is not available. However, the combination of a strong renter share and market rent above the FMR implies that listings may move quickly once they are priced competitively.

The data points indicate a favorable environment for real estate investment in ZIP 15223. The gap between the Fair Market Rent and the actual market rent signals potential for profit margins, while the median home value suggests a manageable entry cost. With nearly 40% of the population renting, there is a consistent demand for rental properties, and the median income supports the ability of residents to pay higher rents. Although the exact days on market for rentals is unavailable, the overall indicators suggest a market where well-priced rental units can attract tenants swiftly, making it a promising area for landlords and small-portfolio investors.

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.