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 | $1,040 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,350 | $185,076 | 0.73% | D |
| 3BR | $1,720 | $219,128 | 0.78% | D |
| 4BR | $1,870 | $284,706 | 0.66% | D |
U.S. Census Bureau data (2024)
The analysis of ZIP code 15234 in Pittsburgh, PA reveals several key points that are crucial for landlords and small-portfolio investors. First, let's address whether the rent math works. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1,200, which is notably lower than the market rent indicated by Zillow's Owner Occupied Rental Index (ZORI) at $1,494. This suggests that landlords can expect to charge above the FMR, potentially increasing their profit margins.
Moving on to the affordability of acquisitions, the median home value in the area stands at $210,321. While the average number of days on market (DOM) is not available, the low price-cut share of 0.2% indicates that homes are selling close to their original asking price, suggesting a robust market where homes are valued appropriately. This implies that acquiring properties in ZIP 15234 is relatively straightforward and likely to yield a good return without the need for significant negotiation or price reductions.
Last, we consider tenant demand. With a population of 14,014 and a renter share of 29.5%, there is a substantial pool of potential tenants. This percentage of renters indicates a healthy demand for rental properties, supporting the idea that landlords will have little trouble finding tenants willing to pay the market rate of $1,494 per month.
In conclusion, the rent math in ZIP 15234 works favorably for landlords, who can charge above the FMR to achieve higher profits. Acquisitions are affordable, with homes selling near their listed values and no significant need for price adjustments. There is also sufficient tenant demand to ensure occupancy rates remain high. Overall, ZIP 15234 presents a viable investment opportunity for those looking to enter or expand their presence in the Pittsburgh real estate market.
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.