Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The ZIP code 15447 stands as a unique market, characterized by its Federal Market Rent (FMR) at $940 for the fiscal year 2024. This figure, set by the Department of Housing and Urban Development (HUD), indicates the maximum amount that a landlord can charge for a Section 8 voucher holder in this area. However, the absence of data on market rent, price-cut share, days on market (DOM), and median home value suggests a lack of robust rental activity or comprehensive housing sales records within the region.
The 0.0% renter share statistic is particularly noteworthy. It implies that there is a significant predominance of owner-occupied homes over rentals in ZIP 15447. This high rate of homeownership could indicate a stable, long-term community where residents are less inclined towards renting. The dynamics of such a market suggest a low immediate demand for rental properties, which might result in a slower absorption rate for new rental units. Landlords and small-portfolio investors should be cautious about overestimating the potential for rental income in this ZIP code.
In the absence of time-series data, we can infer that the market in ZIP 15447 is currently experiencing a static period, possibly due to a strong preference for homeownership among its residents. This scenario presents both challenges and opportunities. Challenges include the difficulty in finding tenants willing to pay up to the FMR, while opportunities lie in the potential for long-term investment in property values, assuming that the trend towards homeownership continues.
While the HUD sets the FMR at $940, the actual rental market dynamics in ZIP 15447 remain unclear without additional data points. Investors should consider diversifying their portfolio beyond this ZIP code if they aim to balance risk and reward across different housing markets. The current snapshot suggests a market where supply may outpace demand, given the low renter share and the lack of competitive rental pricing data.
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.