Section 8 Fair Market Rent (FMR) for ZIP 15438 - 2027

Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area

Investment Score for ZIP 15438

Monthly Rent (2BR)

$1,010

Median Price (2BR)

$77,118

1% Rule

1.31%

Annual Yield

15.72%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$780
1 Bedroom	$840
2 Bedrooms	$1,010
3 Bedrooms	$1,300
4 Bedrooms	$1,420
5 Bedrooms	$1,647
6 Bedrooms	$1,845
7 Bedrooms	$1,993
8 Bedrooms	$2,093

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,010	$77,118	1.31%	A
3BR	$1,300	$159,330	0.82%	C
4BR	$1,420	$201,826	0.7%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,915

Median Household Income

$53,917

Housing Units

984

Renter Percentage

16.7%

Occupancy Rate

85.0%

Renter Occupied

140

Fayette City, PA, located in the zip code 15438, is a modest-sized community that offers a glimpse into the local rental market dynamics. The area is characterized by its blend of residential tranquility and accessibility to larger urban centers, making it a viable option for both tenants and investors.

The Fair Market Rent (FMR) for Fayette City, PA is set at $870 per month for fiscal year 2024, providing a benchmark for rental pricing.
The actual market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $727 per month, indicating a gap between government estimates and real-world conditions.
The median home value in the area is $124,436, which reflects the overall affordability and economic status of the region.
Renters make up 16.7% of the population, suggesting a moderate demand for rental properties.
The median household income is $53,917, offering insight into the financial capabilities of potential tenants and buyers.

Investors considering Fayette City, PA, should note the discrepancy between the FMR and the actual market rent, which could indicate either a competitive market or areas where rents might be adjusted upwards to meet the fair market rate. The median home value provides a foundation for understanding property appreciation potential and the overall cost of entry into the market. With a renter share of 16.7%, there is a notable but not overwhelming demand for rental units, which suggests opportunities for those willing to cater to this segment. Lastly, the median income figure supports the viability of higher rents approaching the FMR, but also underscores the importance of maintaining affordability to attract and retain tenants. Overall, Fayette City presents a balanced opportunity for real estate investment, particularly in rental properties, with room for growth and careful consideration of market rates and tenant income levels.

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.