Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 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 ZIP code 15347 presents a dynamic rental market characterized by significant disparity between the Fair Market Rent (FMR) and the actual market rent. With an FMR set at $1,100 for fiscal year 2024, the Census ACS indicates that the average market rent stands at $1,412. This suggests that the market rent exceeds the FMR by approximately $312, indicating strong demand and potentially tight housing conditions.
The median home value in ZIP 15347 is $178,684, which reflects the overall affordability of homeownership in the area. However, the high market rent relative to the FMR implies that renters are willing to pay above the government benchmark, signaling robust rental activity.
A key indicator of the rental market's health is the 31.5% renter share. This figure points to a substantial portion of the population preferring or being compelled to rent rather than buy, which can exert long-term pressure on rental prices. When a significant percentage of residents are renters, it often leads to sustained demand for rental properties, making it a favorable market for landlords and small-portfolio investors.
The absence of data on price-cut share and days on market (DOM) prevents a direct assessment of the balance between supply and demand. Nonetheless, the elevated market rent compared to the FMR suggests that demand might be outpacing supply, as landlords can charge higher rents without needing to reduce prices or wait long periods to find tenants.
In summary, ZIP 15347 exhibits characteristics of a market where demand pressures are evident, driven by a substantial renter population and rental prices that exceed the FMR. These dynamics create a favorable environment for those looking to invest in rental properties.
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.