Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The ZIP code 15422 represents a unique mix of rental and ownership dynamics that landlords and small-portfolio investors need to consider. With a population of 302, it's evident that this area is relatively small, which directly impacts the volume of potential tenants. However, the 44.2% rental rate indicates that there is a significant portion of the population who are looking for rental properties, making it a moderately renter-heavy ZIP.
The median household income in this ZIP is strong at $92,727, suggesting that residents have a good financial standing. This is important when considering the affordability of housing. The typical market rent of $1,005 is notably lower than the Fair Market Rent (FMR) set at $1,090 for FY 2024, indicating that landlords might be able to slightly increase rents without deterring tenants.
To understand the impact of rent on local incomes, we can calculate that the $1,005 market rent consumes approximately 12.9% of the median household income. This is a reasonable percentage, especially considering that many households may have dual incomes or other sources of revenue. However, the presence of Section 8 vouchers can significantly affect the rental market dynamics. In ZIP 15422, the FMR of $1,090 suggests that vouchers could cover a substantial portion of the market rent, making it attractive for low-income families seeking affordable housing solutions.
The kind of tenant profile a landlord in ZIP 15422 should expect is varied but leans towards families or individuals who are seeking affordable housing options. These tenants will likely be taking advantage of the Section 8 program to secure a place within their budget. Landlords should prepare for tenants who require assistance with rent, ensuring they comply with HUD regulations and maintain communication with the local housing authority. Additionally, landlords should be prepared to manage properties that cater to a range of income levels, from those just above the voucher limit to those comfortably paying higher rents without subsidy.
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.