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 | $1,170 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $1,930 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,510 | $171,340 | 0.88% | C |
| 3BR | $1,930 | $238,048 | 0.81% | C |
| 4BR | $2,090 | $363,806 | 0.57% | F |
| 5BR | $2,424 | $392,957 | 0.62% | D |
U.S. Census Bureau data (2024)
The real estate market in ZIP code 15239, located in Pittsburgh, PA, presents a nuanced picture for landlords and small-portfolio investors. With a median home value of $249,514, the area remains affordable compared to many other parts of the city. The fact that only 0.3% of listings have been reduced signals a strong pricing power, suggesting that sellers are confident in their ability to maintain or even increase asking prices without significant concessions.
The N/A-day median days on market (DOM) indicates either a very active market where homes sell quickly, or a situation where the data collection method has not been able to provide a reliable average. In either case, it points towards a robust demand for housing in the area, which further supports the notion of pricing power. Sellers are likely to find buyers willing to pay close to their asking price, or even above it, due to the competition for available properties.
On the rental side, the forward market rate (FMR) for ZIP 15239 in fiscal year 2024 is set at $1,300, while the current market rate, according to the Census American Community Survey (ACS), stands at $1,187. This discrepancy suggests an upward pressure on rents, as the government's FMR aims to reflect the fair market value in a given area. Investors can expect rental rates to trend closer to the FMR over time, enhancing the potential for positive cash flow and property value growth.
For long-term investors, the setup implies a steady appreciation thesis. The gap between the FMR and the current market rent, along with the low percentage of reduced listings, points to a stable and potentially growing market. As rental rates adjust to meet the FMR, the underlying property values are also likely to appreciate, making 15239 a viable location for those looking to hold onto properties for the long term. However, the appreciation will be gradual rather than explosive, aligning with the overall economic trends and demand for housing in the area.
In summary, the data indicates a market where pricing power remains firmly with the sellers, and rental rates are poised to rise. This environment supports a strategy of maintaining or slightly increasing rents and property values over the next 12 to 24 months. Landlords and small-portfolio investors should continue to monitor local economic indicators and housing trends to ensure they remain aligned with market conditions.
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.