Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The rent math in ZIP code 15617 does not work favorably for landlords. The Fair Market Rent (FMR) set at $1010 for fiscal year 2024 is significantly higher than the actual market rent of $841 as reported by the Census ACS. This discrepancy means that landlords might struggle to charge rents that meet the FMR standards without alienating potential tenants.
Acquisition in this area is relatively affordable, with a median home value of $113,231. However, the lack of data on days on market (DOM) and the percentage of homes needing price cuts indicates that it's difficult to assess the typical selling conditions and competition levels for property sales. Landlords should proceed with caution and seek additional local insights before making investment decisions.
Tenant demand in ZIP 15617 is low. With a total population of 262, only 9.9% are renters. This suggests a limited pool of potential tenants, which could lead to challenges in maintaining occupancy rates and collecting consistent rental income.
Verdict: ZIP code 15617 presents a challenging environment for landlords and small-portfolio investors. The rent math is unfavorable due to the gap between FMR and market rent, indicating that achieving FMR rents will be difficult. While acquisition costs are reasonable, the lack of detailed market data makes it hard to predict how easily properties can be sold. Moreover, the low tenant demand and small number of renters pose significant risks to maintaining a steady stream of rental income. These factors collectively suggest that this area is not ideal for real estate investments focused on rental returns.
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.