Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
ZIP code 15415, located within the Pittsburgh, PA HUD Metro FMR Area, has a Fair Market Rent (FMR) of $940 for fiscal year 2024. This figure is indicative of the rental cost threshold set by HUD for determining eligibility for housing assistance programs such as Section 8. However, the lack of specific market rent and home value data for ZIP 15415 makes it challenging to definitively categorize it as either a value pocket, mid-tier neighborhood, or a premium sub-market within the broader metro area.
To provide context, let's consider the typical characteristics of ZIP codes within the Pittsburgh, PA HUD Metro FMR Area. Generally, ZIP codes with an FMR close to the HUD-set figure are considered competitive for Section 8 participants. The absence of a renter share percentage further complicates the analysis but does not preclude the potential for ZIP 15415 to be a desirable location for those seeking affordable housing options.
Given that the FMR for ZIP 15415 aligns closely with the HUD-set amount, it suggests that the area could be a value pocket for Section 8 tenants. This would mean that the rents are likely to be lower relative to other areas within the metro, making it a more accessible option for individuals receiving housing subsidies. Additionally, if the actual market rents were lower than the FMR, this would further support the notion of ZIP 15415 being a value pocket.
The lack of data on market rents and home values means we cannot draw direct comparisons to other ZIP codes in the area. However, the alignment of the FMR with the HUD-set amount implies that the rental market in ZIP 15415 is not significantly above average, which could make it attractive for landlords looking to participate in the Section 8 program without sacrificing too much on rent.
In conclusion, while the available data is limited, the FMR of $940 for ZIP 15415 suggests it could serve as a value pocket within the larger Pittsburgh, PA HUD Metro FMR Area. Landlords and small-portfolio investors should take note of this potentially favorable position for attracting Section 8 tenants.
Data Sources: FMR data from HUD (2027).
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.