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 | $1,350 |
| 1 Bedroom | $1,440 |
| 2 Bedrooms | $1,750 |
| 3 Bedrooms | $2,230 |
| 4 Bedrooms | $2,430 |
| 5 Bedrooms | $2,819 |
| 6 Bedrooms | $3,157 |
| 7 Bedrooms | $3,410 |
| 8 Bedrooms | $3,581 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,750 | $213,064 | 0.82% | C |
| 3BR | $2,230 | $274,704 | 0.81% | C |
| 4BR | $2,430 | $345,793 | 0.7% | D |
| 5BR | $2,819 | $467,064 | 0.6% | D |
U.S. Census Bureau data (2024)
61.2% of residents in ZIP 15224, Pittsburgh, PA, are renters, indicating a strong demand for rental properties. The $1420 Fair Market Rent (FMR) for Section 8 in the area for fiscal year 2024 is notably lower than the $1,526 market rent (ZORI), which suggests that landlords can still achieve a decent profit margin while participating in the program. With a median home value of $264,431, the area reflects a moderate cost of living, making it attractive for both homeowners and renters alike. However, the median income of $66,993 might limit the purchasing power of potential buyers, further solidifying the rental market's strength. Despite the robust rental market, only 0.2% of listings have been reported as needing price cuts, showing stability and confidence in property values. This analysis points to a favorable environment for landlords and small-portfolio investors looking to engage with the Section 8 housing choice voucher program.
The gap between the FMR and ZORI highlights an opportunity where landlords can balance affordability for tenants with profitability for themselves. Given the high renter share and stable property values, ZIP 15224 presents a reliable investment option for those interested in the Section 8 program. The low percentage of price-cut shares indicates that the market is resilient and less susceptible to rapid fluctuations, which is reassuring for long-term investments. In conclusion, ZIP 15224 offers a viable and stable market for Section 8 participation, with clear financial parameters for success.
Section 8 Verdict: ZIP 15224 is a solid investment for landlords willing to participate in the Section 8 program, given the strong rental market and stable property values.
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.