Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 15488 in fiscal year 2024 is set at $940. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 program, which means that if you decide to participate in this program with a property in this area, HUD will pay up to $940 per month towards the rent of your unit. However, it's important to note that this does not necessarily mean that all tenants will be paying exactly $940; rather, they would typically contribute a portion of their income toward the rent, and HUD would cover the difference up to the $940 limit.
Comparing this to the local market, there isn't enough data available to provide a direct comparison with typical market rents in ZIP 15488. Nonetheless, the FMR can serve as a benchmark for setting your rent, ensuring it remains competitive while also being mindful of the financial support offered by the Section 8 program.
With a renter share of 20%, landlords can expect a significant portion of potential tenants to be interested in Section 8 housing. This indicates that out of every five renters in the area, one might be seeking assistance through the Section 8 program. Given the economic conditions and the need for affordable housing, this demand can be quite stable and reliable.
The acquisition cost for properties in this area is not specified, but generally, landlords should consider the FMR when evaluating whether the monthly rental assistance covers their costs effectively. This includes mortgage payments, maintenance, insurance, and other expenses associated with owning and managing a rental property.
Before making the decision to accept a Section 8 tenant, one crucial step is to verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary. Failure to meet these criteria can result in reduced payments or even termination from the program. Therefore, conducting a thorough inspection and making any necessary repairs prior to application can save you time and money in the long run.
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.