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 | $151,641 | 0.84% | C |
| 3BR | $1,620 | $214,226 | 0.76% | D |
| 4BR | $1,760 | $265,717 | 0.66% | D |
U.S. Census Bureau data (2024)
The classification of ZIP code 15376, located in West Alexander, PA, reveals a unique blend of characteristics that define it as a moderate-yield, moderately stable market for real estate investment.
On the yield axis, the Federal Market Rent (FMR) for 2024 is set at $1010, while the market rent stands at $969. This indicates a slight premium when participating in the Section 8 program, with a potential increase of $41 per month over market rates. The median home value of $194,656 provides a baseline for assessing the overall cost of entry into the market. Given these figures, the yield is modest but positive, favoring properties that can benefit from the higher FMRs offered through Section 8.
Moving to the stability axis, the ZIP code has a rental rate of 16.8%, suggesting a relatively low proportion of renters compared to homeowners. The lack of data on days on market (DOM) makes it challenging to assess the speed at which properties are typically sold or rented. However, the median household income of $86,607 offers some insight into the economic health of the area, indicating a middle-income community that may have a stable demand for housing but limited flexibility for significant rent increases.
Considering both axes, the market does not fit the profile of a high-yield, low-stability 'flip-style' market. Instead, it leans towards a steady cash flow zone due to the modest difference between FMR and market rents, coupled with a moderate level of economic stability indicated by the median income. The relatively low percentage of renters suggests that the market is not highly volatile, but also not offering exceptionally high yields.
To summarize, ZIP 15376 presents an opportunity for steady cash flow, particularly through Section 8 participation, with a yield advantage of $41 per month over market rates. The economic stability, driven by a median income of $86,607, supports a moderate level of tenant turnover and rental demand, making it a suitable choice for investors seeking consistent returns rather than rapid appreciation or high rental premiums.
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.