Section 8 Fair Market Rent (FMR) for ZIP 15470 - 2027

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

Investment Score for ZIP 15470

Monthly Rent (2BR)

$1,200

Median Price (2BR)

$192,564

1% Rule

0.62%

Annual Yield

7.48%

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	$930
1 Bedroom	$990
2 Bedrooms	$1,200
3 Bedrooms	$1,540
4 Bedrooms	$1,680
5 Bedrooms	$1,949
6 Bedrooms	$2,183
7 Bedrooms	$2,358
8 Bedrooms	$2,476

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,200	$192,564	0.62%	D
3BR	$1,540	$266,152	0.58%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

601

Median Household Income

$80,750

Housing Units

301

Renter Percentage

10.4%

Occupancy Rate

86.4%

Renter Occupied

A decision tree for evaluating whether to purchase a property in ZIP code 15470 (Ohiopyle, PA) for Section 8 investment begins with calculating the Fair Market Rent (FMR) of $1070 for fiscal year 2024. This figure must be compared against the debt service of a property priced at $227,746 to determine if it clears the necessary financial obligations.

Step 1: Does FMR of $1070 clear debt service on a $227,746 property?

Yes: If the monthly rental income of $1070 is sufficient to cover all monthly mortgage payments, taxes, insurance, and maintenance costs, then the property can be considered financially viable for a Section 8 investment.
No: If the FMR does not cover the debt service, purchasing this property for Section 8 would result in a financial loss. Landlords should seek properties where the FMR exceeds the debt service.

Step 2: Is market rent above, at, or below FMR?

Market Rent Above FMR: If the local market rent is higher than $1070, there is potential for non-Section 8 tenants willing to pay more. This could be an additional consideration, but it doesn't directly impact the viability of a Section 8 investment.
Market Rent At or Below FMR: If the market rent matches or falls below the FMR, then relying on Section 8 rents would be the norm. This scenario aligns well with using the property strictly for Section 8 tenants.

Step 3: Are 10.4% renters and N/A-day days on the market enough demand?

It Depends: With 10.4% of residents being renters, the demand for rental housing is relatively low. However, the lack of data on days on the market (DOM) means we cannot accurately assess how quickly rentals are filled. If the DOM is short, indicating quick turnover, this suggests strong demand despite the lower percentage of renters. Conversely, a long DOM would signal weak demand and pose a risk for vacancy.

In conclusion, the decision to invest in ZIP 15470 for Section 8 properties hinges on the ability of the $1070 FMR to cover the debt service. The market rent's relationship to the FMR is secondary, but important for understanding the broader rental landscape. Lastly, the demand for rentals, while low based on the 10.4% figure, requires further investigation into DOM to provide a complete picture.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.