Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 15324 reveals a market that leans towards a steady cash flow zone rather than a high-yield/low-stability flip-style market. This conclusion is driven by several key figures.
Firstly, let's consider the yield. The Fair Market Rent (FMR) for ZIP 15324 in fiscal year 2024 is set at $1,130. This is notably higher than the market rent of $971, indicating a premium for Section 8 properties. However, the median home value stands at $67,213, which is relatively low compared to the FMR and market rent figures. This suggests that while there is a decent rental income potential, the capital appreciation might be limited due to the lower property values.
Moving on to stability, we see that approximately 24.7% of the residents in ZIP 15324 are renters. This percentage indicates a moderate demand for rental properties but also implies that a significant portion of the population owns their homes. Unfortunately, the data does not provide specifics on the number of days on the market (DOM) or the average income levels of the residents. Despite these missing details, the existing information points towards a stable tenant base given the government-backed Section 8 program ensures consistent rental payments.
In summary, ZIP 15324 offers a good balance between yield and stability. The higher FMR compared to market rent supports a positive cash flow scenario for landlords participating in the Section 8 program. However, the relatively low median home value means that while rental income is secure, the overall investment might not offer high returns through property price increases. Therefore, it is best suited for those seeking reliable monthly income rather than rapid capital growth.
Data Sources: FMR data from HUD (2027). 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.