Location: Greene County, 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 | $890 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,390 | $199,769 | 0.7% | D |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 15370 presents a nuanced scenario for both landlords and small-portfolio investors. With a median home value at $160,482, the area reflects an affordable market segment, particularly attractive to first-time buyers and investors looking for entry-level properties. However, the fact that only 0.2% of listings have been reduced signals a relatively stable pricing environment. This stability suggests that sellers are maintaining confidence in their asking prices, which could indicate a robust local economy supporting property values.
The median days on market (DOM) being listed as N/A might imply that homes are selling quickly, often before reaching the typical time frame where DOM data becomes meaningful. Rapid sales can be indicative of strong buyer demand, further supporting the notion of stable to slightly increasing home values in the near term. For landlords, this means that rental prices can potentially be maintained or increased without significant risk of vacancy, given the limited supply and high demand.
Moving to the rental side, the Federal Market Rent (FMR) for ZIP code 15370 is set at $1060 for fiscal year 2024, while the actual market rent, according to Census ACS data, stands at $693. This substantial gap between FMR and market rent highlights a potential opportunity for landlords to increase rents, aligning them closer to the federally recognized fair market rate. The implication is that there is room for rental price adjustments without significantly impacting occupancy rates, especially if the local job market remains steady and attracts tenants willing to pay higher rents.
For long-term investors, the setup in ZIP 15370 supports a realistic appreciation thesis based on the convergence of rental prices towards the FMR. As market rents rise to meet the FMR, the overall value of properties should also appreciate, driven by the fundamental principle that property value is closely tied to its ability to generate income. This appreciation, however, will likely be gradual and contingent upon broader economic conditions, including employment growth and inflation trends.
In summary, the combination of a stable median home value, rapid property turnover, and a significant disparity between FMR and market rents points to a market where pricing power is firmly in the hands of sellers and landlords. While the immediate outlook is positive, the longer-term appreciation will depend on how effectively rental prices can be adjusted upwards to reflect the FMR, thus enhancing the total investment value over time.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.