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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,240 | $142,463 | 0.87% | C |
| 2BR | $1,500 | $262,614 | 0.57% | F |
| 3BR | $1,910 | $383,992 | 0.5% | F |
| 4BR | $2,080 | $601,718 | 0.35% | F |
| 5BR | $2,413 | $836,598 | 0.29% | F |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP code 15228 in Pittsburgh, PA, for fiscal year 2024 is set at $1,290. This figure represents the maximum amount that a landlord can charge a tenant participating in the Section 8 housing choice voucher program. In comparison, the market rent, measured by Zillow's ZORI index, stands at $1,340. This indicates that landlords accepting vouchers at the FMR rate will experience marginal cash flow, given the market conditions.
To further analyze the investment potential, consider the median home value in the area, which is $413,423. The rent-to-price ratio can be calculated by dividing the annual rent ($1,340 x 12 months) by the median home value. This yields an approximate ratio of 3.9%, suggesting that rental income in this area is relatively low compared to the cost of homeownership. However, this ratio does not directly impact the decision-making process for Section 8 investors, who focus primarily on the FMR versus market rent.
The median days on market (DOM) for rental properties in ZIP 15228 is 8 days, indicating a strong demand for rental units. Additionally, the price-cut share is only 0.2%, implying that landlords rarely need to reduce their asking prices to attract tenants. These metrics suggest that while cash flow might be marginal when accepting vouchers at the FMR, the strong rental demand provides a stable investment environment.
The strongest investor angle in this market is stability. With a robust demand for rentals and minimal need for price adjustments, investors can expect consistent occupancy rates and steady cash flows, albeit slightly below market levels when adhering strictly to the FMR.
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.