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 | $970 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,250 | $86,581 | 1.44% | A |
| 3BR | $1,600 | $133,107 | 1.2% | A |
| 4BR | $1,730 | $130,322 | 1.33% | A |
U.S. Census Bureau data (2024)
The rent math in ZIP code 15461, located in the Masontown, PA area of the Pittsburgh, PA HUD Metro FMR region, does not align favorably for landlords. The Fair Market Rent (FMR) set at $940 for the fiscal year 2024 is significantly higher than the actual market rent of $457 based on Census ACS data. This discrepancy suggests that landlords may struggle to justify higher rents to tenants, who are accustomed to paying much less.
Acquisition in this ZIP code is relatively affordable, with a median home value of $114,133. However, the lack of data on days on market (DOM) and the percentage of homes that required price cuts indicates an uncertainty about the ease of selling properties in this area. Landlords and small-portfolio investors should be cautious about the potential challenges in property turnover.
Tenant demand in ZIP 15461 is moderate, given the total population of 3,792 and a renter share of 21.4%. This means there are approximately 812 renters in the area, providing a stable but not robust pool of potential tenants. While the number of renters is sufficient to support some rental properties, it limits the scale of investment that can be sustained without oversaturating the market.
In summary, while the acquisition cost appears reasonable, the mismatch between the FMR and the actual market rent poses a significant challenge. Additionally, the limited data on DOM and price cut percentages introduces risk into the investment equation. Despite a modest tenant demand, the overall environment is not particularly favorable for landlords seeking to maximize returns. The key issue remains the substantial gap between the HUD-set FMR and the lower market rents, which could make it difficult to attract tenants willing to pay the higher rates.
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.