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 | $1,610 |
| 1 Bedroom | $1,720 |
| 2 Bedrooms | $2,080 |
| 3 Bedrooms | $2,650 |
| 4 Bedrooms | $2,880 |
| 5 Bedrooms | $3,341 |
| 6 Bedrooms | $3,742 |
| 7 Bedrooms | $4,041 |
| 8 Bedrooms | $4,243 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,720 | $218,640 | 0.79% | D |
| 2BR | $2,080 | $361,623 | 0.58% | F |
| 3BR | $2,650 | $539,999 | 0.49% | F |
| 4BR | $2,880 | $880,869 | 0.33% | F |
| 5BR | $3,341 | $1,121,941 | 0.3% | F |
U.S. Census Bureau data (2024)
The classification of ZIP code 15232 in Pittsburgh, PA, hinges on the analysis of its financial metrics related to rental yields and stability. With a Fair Market Rent (FMR) of $1740 for the fiscal year 2024, compared to the local market rate of $1660, it indicates a slight premium for federally assisted housing units under the Section 8 program. This premium can be seen as an opportunity for higher yields, particularly if the landlord can secure tenants through the Section 8 program.
The median home value of $485,312 suggests that properties in this area are relatively expensive, which could imply higher costs for acquisition or renovation. However, given the FMR and market rates, the potential rental income would be sufficient to cover these costs over time.
In terms of stability, the ZIP code has a significant portion of renters at 72.4%. This high percentage of renters points towards a stable demand for rental properties. While the average days on market (DOM) is not available, the income figure of $66,582 provides insight into the economic health of the area. This income level supports the ability of residents to pay rent, contributing to the overall stability of the rental market.
Given these figures, ZIP 15232 leans towards being a steady-cashflow zone. The slight yield advantage from the FMR does not suggest a high-yield environment, but the strong rental demand and income levels ensure a reliable cash flow. Landlords and small-portfolio investors should find comfort in the stability provided by the high percentage of renters and the median income, which supports consistent rent payments.
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.