Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
The ZIP code 15368 presents an interesting scenario for both renters and landlords alike. The market rate for rental properties stands at $962 according to the latest Census ACS data. However, without a median income figure available, it becomes challenging to accurately gauge how many households can comfortably afford this rate.
When comparing the market rate to the federal payment standard for housing vouchers, which is set at $850 for fiscal year 2024, there is a notable difference. This suggests that voucher holders may find it difficult to cover the full cost of market-rate rentals, creating a potential affordability gap for those relying on subsidies.
With 44.4% of the 353 residents being renters, the competition among landlords could be quite fierce. The discrepancy between the market rate and the voucher payment standard means that landlords who accept vouchers might need to adjust their expectations regarding rental income. On the other hand, landlords who focus on cash-paying tenants may have to contend with fewer potential renters due to the higher costs.
The takeaway for landlords considering their strategy in ZIP 15368 is clear: accepting vouchers will likely mean lower rental income, but it could also provide a steady stream of tenants given the affordability gap. Meanwhile, targeting cash-paying renters offers the prospect of higher income per unit, albeit with a smaller pool of potential tenants. Landlords should weigh these factors carefully and consider diversifying their approach to cater to both voucher recipients and those able to pay the market rate.
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.