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 |
U.S. Census Bureau data (2024)
The ZIP code 15421 presents an interesting scenario for both renters and landlords. With a median income of $250,001, households in this area have a significant financial cushion. However, the lack of available market rate rental data (N/A) suggests that traditional rental options are sparse or non-existent. This scarcity is further highlighted by the fact that only 0.0% of the population are renters, indicating a primarily owner-occupied community.
In contrast to the high median income, the Fair Market Rent (FMR) for ZIP 15421 as set by the government for fiscal year 2024 is $940. This figure represents the amount that Section 8 vouchers will cover, making it a critical benchmark for affordability. Given the limited rental market and the high income levels, there is a notable affordability gap where the FMR of $940 is likely much lower than what would be typical for the area, if market rates were available.
The low percentage of renters and the small population size of 207 means that competition among landlords is minimal. The scarcity of rental units can work to a landlord's advantage, as there is less competition for tenants. However, the reliance on Section 8 vouchers means that landlords must consider the government-set payment standards when pricing their rentals.
For landlords in ZIP 15421, the takeaway is clear: while the voucher payment standard is significantly below the median income, it is the primary form of rental payment given the lack of other renters. Landlords should weigh the benefits of guaranteed payments through vouchers against the potential for higher rents from cash-paying tenants, though finding such tenants may be challenging due to the limited rental market and the overall focus on homeownership in the area.
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.