Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
U.S. Census Bureau data (2024)
ZIP code 15620 is a small community with a total population of 801 residents. Approximately 33.5% of these residents are renters, indicating a modest demand for rental properties. The median household income in this area stands at $59,967, which is relatively low compared to national averages. This suggests that many residents might be eligible for housing assistance programs such as Section 8.
The median home value in ZIP 15620 is $131,875, reflecting an affordable housing market. For investors interested in Section 8 properties, it's important to note the Fair Market Rent (FMR) for the area is set at $1080 for fiscal year 2024. In contrast, the current market rent, as per Census ACS data, is $974. This discrepancy between the FMR and the actual market rent presents an opportunity for investors to potentially profit from the higher reimbursement rates offered by the Section 8 program.
Given the economic profile of ZIP 15620, it is well-suited for both hands-off voucher operators and hands-on value-add buyers. Hands-off operators can benefit from the stable cash flow provided by the Section 8 program, which covers most of the tenant's rent. Value-add buyers, on the other hand, have the potential to increase property values and rents over time, leveraging the difference between the current market rent and the FMR to enhance their 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.