Section 8 Fair Market Rent (FMR) for ZIP 15238 - 2027

Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area

Investment Score for ZIP 15238

Monthly Rent (2BR)

$1,470

Median Price (2BR)

$247,417

1% Rule

0.59%

Annual Yield

7.13%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,140
1 Bedroom	$1,210
2 Bedrooms	$1,470
3 Bedrooms	$1,880
4 Bedrooms	$2,040
5 Bedrooms	$2,366
6 Bedrooms	$2,650
7 Bedrooms	$2,862
8 Bedrooms	$3,005

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,470	$247,417	0.59%	F
3BR	$1,880	$429,488	0.44%	F
4BR	$2,040	$779,034	0.26%	F
5BR	$2,366	$1,221,194	0.19%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

12,868

Median Household Income

$116,575

Housing Units

5,963

Renter Percentage

23.8%

Occupancy Rate

93.8%

Renter Occupied

1,331

The analysis of ZIP code 15238 in Pittsburgh, PA, reveals several key points that are crucial for landlords and small-portfolio investors.

Does the rent math work? The Fair Market Rent (FMR) for ZIP 15238 is set at $1220 for fiscal year 2024. However, the actual market rent, as measured by ZORI, stands at $1771. This discrepancy means that landlords can expect to charge significantly above the FMR, making it financially viable to operate in this area.
Is acquisition affordable? The median home value in ZIP 15238 is $563,467. While this figure may seem high, the lack of data on days on market (DOM) and the low 0.2% price-cut share indicate that homes are likely selling quickly and without substantial discounts. This suggests that the market remains stable and that acquiring properties at fair values is possible.
Is there tenant demand? With a population of 12,868 and a 23.8% renter share, there is a notable presence of tenants in the area. Although the renter share is not exceptionally high, it still represents a significant portion of the population, indicating a steady demand for rental properties.

Verdict: In ZIP 15238, landlords can effectively leverage the gap between the FMR and market rents to maximize their income. The stability of property values, coupled with the absence of prolonged listings and frequent price reductions, supports an environment where acquisitions can be made at reasonable prices. Despite the relatively modest renter share, the demand for rentals is present and steady, providing a reliable tenant pool. Overall, the conditions in ZIP 15238 make it a favorable investment location for those willing to navigate the higher market rents and understand the local demand dynamics.

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.