Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
The HUD Fair Market Rent (FMR) for ZIP code 15621 in Pittsburgh, PA, for fiscal year 2024 is set at $1010. This figure represents the maximum amount that a Section 8 voucher holder can pay for housing in this area. However, due to the lack of specific market rent data for ZIP 15621, it's challenging to provide a direct comparison between the HUD FMR and actual market rents.
Based on the available HUD FMR, voucher tenants in ZIP 15621 would typically cashflow at the FMR rate, assuming the market rent is higher than $1010. If market rents are close to or below the FMR, then these tenants would either cashflow marginally or not at all, depending on the exact market conditions. The absence of precise market rent figures makes it difficult to determine the exact cashflow potential for landlords accepting Section 8 vouchers.
The median home value for ZIP 15621 is also not specified, which means we cannot calculate an accurate rent-to-price ratio. This ratio is crucial for understanding the relative affordability of renting versus buying in the area. Without this information, it's hard to gauge how competitive rental properties are compared to homeownership options.
Regarding the days on market (DOM) and price-cut share, the data is not provided. These metrics are important for assessing the speed at which properties sell and the frequency of price reductions, which can influence both the rental and purchase markets. For instance, if homes take longer to sell and often require price cuts, this could indicate a slower-moving real estate market, potentially affecting the stability of rental income.
The strongest angle for investors in ZIP 15621 appears to be stability. Given the fixed nature of Section 8 rents, landlords can rely on consistent income streams without the volatility associated with fluctuating market rents. This predictability is particularly valuable in areas where market conditions are unclear or rapidly changing.
Data Sources: FMR data from HUD (2027).
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.