Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
The ZIP code 15489 encompasses a small community with a population of just 146 residents. Given that 50.0% of these residents are renters, it indicates a balanced mix between homeowners and tenants, though the exact nature of the housing stock remains unclear due to the lack of data on median home values. The absence of reported median income suggests a need for further local investigation to understand the economic profile of the area's inhabitants.
From an investment standpoint, the Federal Market Rent (FMR) for ZIP 15489 in fiscal year 2024 is set at $920. This figure represents the maximum amount a landlord can charge for a rental unit under the Section 8 program. However, the absence of market rent data means that comparing the FMR to actual local rental rates is challenging. To make informed decisions, investors should seek additional sources to gauge how the FMR compares to typical market rents.
In terms of fitting an investment strategy, ZIP 15489 appears to be more suitable for a hands-on value-add buyer rather than a hands-off voucher operator. The limited size of the community and the lack of comprehensive economic data suggest that active management could be crucial for success. A hands-on approach would allow the investor to closely monitor the local rental market, tailor properties to meet the needs of Section 8 tenants, and potentially improve property values over time. This strategy would also enable the investor to adapt quickly to any changes in the local economy or housing demand.
To summarize, while the FMR provides a clear guideline for rental pricing under Section 8, the incomplete picture of median incomes and home values requires a more proactive and engaged investment style. The small scale and specific characteristics of ZIP 15489 necessitate a detailed understanding of the local dynamics to effectively manage and optimize Section 8 properties.
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.