Section 8 Fair Market Rent (FMR) for ZIP 15301 - 2027

Investment Score for ZIP 15301

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	$1,000
1 Bedroom	$1,060
2 Bedrooms	$1,290
3 Bedrooms	$1,650
4 Bedrooms	$1,790
5 Bedrooms	$2,076
6 Bedrooms	$2,325
7 Bedrooms	$2,511
8 Bedrooms	$2,637

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
1BR	$1,060	$86,706	1.22%	A
2BR	$1,290	$153,897	0.84%	C
3BR	$1,650	$257,127	0.64%	D
4BR	$1,790	$377,082	0.47%	F
5BR	$2,076	$381,809	0.54%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 15301 (Washington, PA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 15301, as per the 2026 estimates, indicate that the rent for a two-bedroom apartment is set at $1200. This is a critical figure for Section 8 voucher holders, who are limited by the FMR in their housing choices. The actual rents in the area must be compared to these FMRs to understand the dynamics of the rental market and how it affects voucher holders. According to the provided data, the Zillow median price for a two-bedroom home in ZIP 15301 is $149,661. However, the price-to-FMR ratio is quite high at 10.4x, suggesting that the median home price is significantly higher than the median rent. This implies that while the FMR might be reasonable for renters, it could be challenging for voucher holders to find units within their budget constraints. For instance, a three-bedroom unit has an FMR of $1530, which is only 21.7% of the median household income ($70,473). This means that even with a voucher, tenants would still need to pay a substantial portion of their income towards rent, potentially limiting their ability to afford other necessities. #### Affordability & Renter Profile ZIP code 15301 has a population of 50,348, with 33.2% of households being renters. Given the occupancy rate of 90.0%, it suggests that the rental market is relatively tight, with few vacant units available. The median household income is $70,473, indicating that the area is moderately affluent. However, the fact that 20.4% of the median income is required for a two-bedroom apartment under the FMR guidelines shows that there is a significant affordability challenge for low-income renters. The high price-to-FMR ratio of 10.4x further underscores the disparity between home ownership and rental costs. This could mean that the rental market is competitive, with landlords having some leverage over the rents they can charge. Additionally, the relatively high percentage of renters (33.2%) indicates a diverse tenant base, including families and individuals who may rely on Section 8 vouchers to manage their housing costs. #### Investor Angle From an investor's perspective, the key question is whether the rental market in ZIP 15301 can support properties rented out at the FMR levels. With a two-bedroom apartment renting for $1200, the cash flow potential needs to be evaluated against typical operating costs and mortgage payments. Given the median home price of $149,661 for a two-bedroom property, an investor might consider purchasing a home and renting it out at the FMR. However, the high price-to-FMR ratio suggests that the purchase price of homes is much higher than what the FMR would cover in rent. This means that an investor would likely need to finance the purchase, and the monthly mortgage payment would need to be considered alongside the rental income. Assuming a 20% down payment and a 30-year fixed-rate mortgage at an average interest rate of 5%, the monthly mortgage payment on a $149,661 home would be approximately $695. Adding typical operating costs such as maintenance, insurance, and property taxes, which might total around $300 per month, the total expenses would be about $995. This leaves a margin of $205 above the FMR for a two-bedroom unit, which is not very substantial but could still make the investment viable if the property is well-managed and located in a desirable area. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investing in smaller units like one-bedroom apartments or studios might be more financially feasible. The FMR for a one-bedroom unit is $990, which is lower than the Zillow median price for a two-bedroom home. This could provide better cash flow and reduce the risk of vacancy. 2. **Target Affordable Neighborhoods**: Within ZIP 15301, there may be neighborhoods where home prices are lower relative to the FMR. Identifying these areas could help investors find more affordable properties to purchase and rent out profitably. For example, if a one-bedroom home can be purchased for $100,000, the monthly mortgage payment would be around $500, leaving a higher margin for profit and covering operating costs. 3. **Consider Multi-Family Properties**: Multi-family properties might offer a better return on investment due to economies of scale. A small multi-family building with multiple one-bedroom or studio units could generate enough rental income to cover the mortgage and operating costs, providing a more stable cash flow. #### Bottom Line For Section 8-focused investors, ZIP 15301 presents a mixed picture. While the rental market is tight and there is a significant demand for affordable housing, the high price-to-FMR ratio makes it challenging to achieve strong cash flow from single-family homes. Investing in smaller units or multi-family properties could be more profitable and align better with the FMR guidelines. Therefore, the recommendation is to **Hold** on to existing investments and **Skip** new acquisitions of single-family homes unless they are in particularly affordable sub-markets. Investors should focus on smaller units or multi-family properties to maximize returns and maintain profitability.

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.