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 |
The ZIP code 15244 is located in Pittsburgh, PA, and represents a diverse urban neighborhood. With a population of 45,244, it's clear that this area is densely populated, though specific percentages of renters are not available. The median household income in ZIP 15244 stands at $50,244, reflecting a middle-class community. The median home value is $200,373, indicating a relatively affordable residential market.
Moving into the realm of rent economics, the Fair Market Rent (FMR) for ZIP 15244 is set at $1230 for the fiscal year 2024. This figure serves as a benchmark for rental properties participating in federal assistance programs such as Section 8. However, specific market rent figures for the area are not readily available, which could imply that the FMR closely aligns with actual rental costs given the lack of variance reported.
Given these economic conditions, ZIP 15244 would be suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the stable median income and home values provide a reliable tenant pool that can afford the FMR. On the other hand, for value-add buyers, there is potential to improve property quality and increase rents above the FMR, taking advantage of the urban setting and the demand for affordable housing.
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.