Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,150 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $1,890 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
A skeptical investor might question whether the Fair Market Rent (FMR) of $1230 for ZIP 15231 can sufficiently cover the mortgage on a typical home. Unfortunately, the specific average home price for ZIP 15231 is not readily available in the recent data, but according to general trends, the average home value in the United States stands at $366,019 as of March 31, 2026. This suggests that the FMR alone may not be enough to cover the mortgage on a home in this area, especially considering the mortgage rates and the size of potential down payments.
The second objection could be whether there's sufficient rental demand at the current occupancy rate. The data does not provide a direct figure for the occupancy rate in ZIP 15231, but it does show that there are currently 30 homes for sale and rental listings nearby. This indicates a moderate level of activity in the rental market, though the exact percentage of occupied units is unclear without further analysis.
Lastly, an investor might wonder if housing vouchers will keep pace with the market rents in ZIP 15231. While the trends in voucher usage are not specifically detailed for this zip code, the broader context suggests that the government aims to adjust voucher amounts to reflect market conditions. However, the effectiveness of this adjustment in ZIP 15231 cannot be determined without more localized data.
To summarize, while the FMR of $1230 likely falls below what is needed to cover the mortgage on a typical home in ZIP 15231, there is evidence of a moderately active rental market. The adequacy of housing vouchers to meet market rents remains uncertain without specific data for this area.
Data Sources: FMR data from HUD (2027).
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.