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 | $870 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,120 | $129,750 | 0.86% | C |
| 3BR | $1,430 | $203,509 | 0.7% | D |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP 15428 in FY 2024 is set at $970. This figure is higher than the market rent of $911 reported by the Census ACS, indicating that voucher tenants can generally cashflow at the FMR rate. This suggests that landlords in this area can expect positive cashflow when renting to voucher holders.
To derive the rent-to-price ratio, we use the median home value of $156,948. With a monthly rent of $911, the annual rent would be approximately $10,932. This gives us a rent-to-price ratio of about 0.07 (or 7%). This ratio is relatively low, which means that the rental income alone may not fully justify the purchase price of a property in this area. However, the potential for positive cashflow from voucher tenants makes this a viable option for investors focused on steady rental income.
Note that the median days on market (DOM) and the percentage of price cuts are not available for this ZIP code. This absence does not significantly impact the analysis, as the primary focus remains on the comparison between HUD FMR and market rent.
In conclusion, the strongest investor angle in ZIP 15428 is likely cashflow, given the positive difference between the HUD FMR and the market rent, especially when considering voucher tenants. While appreciation may not be a primary driver due to the lower rent-to-price ratio, the stability offered by the Section 8 program ensures a reliable source of rental income.
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.