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 | $980 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,270 | $53,438 | 2.38% | A+ |
U.S. Census Bureau data (2024)
The dynamics of ZIP code 15331, located in Ellsworth, PA, reveal a market in motion. The Fair Market Rent (FMR) for the area stands at $1210 for fiscal year 2024, while the actual market rent, as reported by the Census ACS, is lower at $913. This suggests that there might be a discrepancy between what the government deems as fair rent and the actual rental prices landlords can charge. The lower market rent could indicate either a saturation of rental units or a preference among residents for more affordable housing options.
The median home value of $74,965 reflects a modest property market, which could attract first-time buyers looking for an entry point into homeownership. However, without specific data on the percentage of price-cut share and days on market (DOM), it's challenging to determine if supply is currently outpacing demand or vice versa. Nonetheless, the gap between FMR and market rent implies a potential for upward pressure on rents as the market adjusts to meet perceived fair values.
Arenter share of 26.6% provides insight into the long-term housing pressures in Ellsworth. With nearly one-quarter of households renting, there is a significant segment of the population that is likely to experience housing cost fluctuations. This percentage indicates that while the majority of residents own their homes, a substantial minority relies on rentals, which could influence local housing policies and the rental market's sensitivity to economic changes.
In summary, ZIP 15331 presents a market where rental prices are currently below the government's fair market assessment, indicating a balance between affordability and potential growth. The modest median home value and notable renter share suggest a mix of homeowners and renters who will respond differently to changes in the local economy, creating a dynamic environment for both landlords and small-portfolio investors.
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.