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 15290 stands as a market in flux, characterized by the Federal Market Rent (FMR) set at $1230 for the fiscal year 2024. This figure serves as a benchmark for rental properties within the area, indicating the average fair market rent for a modest apartment. The absence of data on market rent suggests that the FMR may closely align with actual rental rates, implying a stable but perhaps underreported market.
A key aspect of this market is the lack of detailed metrics such as price-cut share, days on market (DOM), and median home value. These missing indicators could point towards a variety of market conditions, including a nascent stage of data collection or a less active real estate sector. However, the inference drawn from the available FMR data points towards a scenario where demand might be matching or slightly exceeding supply, given the relevance of FMR in determining eligibility for housing assistance programs.
The undefined percentage of the renter share provides an intriguing insight into the long-term housing pressures faced by residents of ZIP 15290. Typically, a higher renter share can signify increasing housing costs or a preference for renting over owning, which may indicate potential challenges in homeownership due to affordability or lifestyle choices. Conversely, a lower renter share might suggest a robust owner-occupied market, with fewer individuals opting for rental properties. The exact figure would be crucial in understanding the balance between renters and owners, and thus the overall housing dynamics.
In summary, ZIP 15290 presents a market where the Federal Market Rent plays a significant role, suggesting a possible equilibrium between supply and demand. However, the limited availability of specific metrics makes it challenging to draw definitive conclusions on the market's trajectory. Landlords and small-portfolio investors should remain vigilant and adapt to the evolving conditions, leveraging the FMR as a guidepost for setting competitive rental prices.
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.