Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,180 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $1,950 |
| 4 Bedrooms | $2,120 |
| 5 Bedrooms | $2,459 |
| 6 Bedrooms | $2,754 |
| 7 Bedrooms | $2,974 |
| 8 Bedrooms | $3,123 |
U.S. Census Bureau data (2024)
29.9% of residents in ZIP 15350 rent their homes, indicating a significant portion of the population relies on rental properties. The Fair Market Rent (FMR) for the area, as set by HUD for zip FY 2024, is $1130, which is notably higher than the $827 market rent reported by the Census ACS. This discrepancy suggests that landlords participating in the Section 8 program can expect to receive higher rents compared to the local market average.
$88,340 is the median home value in ZIP 15350, reflecting the overall housing market's stability. However, the median income of $58,117 is lower than both the FMR and market rent, implying that many residents may struggle to afford private-market rents without assistance. This makes the Section 8 program particularly attractive for potential tenants who cannot meet the full market rate.
N/A-day days on market (DOM) and N/A% price-cut share indicate that there isn't enough recent data to provide insights into how quickly properties are selling or the frequency of price reductions. Despite this lack of specificity, the existing data points towards a robust demand for affordable rentals in the area.
The $1130 FMR stands as a benchmark for landlords looking to participate in the Section 8 program, ensuring they receive a fair rent that covers costs and provides a reasonable profit margin. Given the high renter share and the gap between market rents and median incomes, landlords in ZIP 15350 should find a steady stream of qualified applicants interested in Section 8 vouchers.
With the $827 market rent significantly below the FMR, landlords can benefit from the guaranteed payment structure of the Section 8 program, which often leads to fewer vacancies and more consistent cash flow. Moreover, the median home value of $88,340 suggests that the overall property values in the area are stable, providing long-term investment security for those considering the Section 8 route.
In conclusion, for ZIP 15350, the Section 8 program presents a viable option for landlords and small-portfolio investors seeking a reliable tenant base and predictable rental income. The higher FMR compared to the local market rent and the lower median income support this conclusion, making it a sound investment strategy in this region.
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.