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 |
U.S. Census Bureau data (2024)
The market in ZIP code 15628 presents a dynamic landscape for real estate investors, particularly those involved with Section 8 housing. The Fair Market Rent (FMR) for the area is set at $1010 for the fiscal year 2024, indicating the government's benchmark for rental affordability. While the exact market rent is currently unavailable, the median home value stands at $221,189, offering a glimpse into the overall property values.
The significant renter share of 26.1% suggests that a substantial portion of the population in ZIP 15628 relies on rental housing, which can be indicative of long-term housing pressures. This reliance on rentals could mean that many residents face challenges in purchasing homes, either due to financial constraints or other factors, leading to a sustained demand for rental properties.
Given the absence of specific market rent and price-cut share data, it's prudent to focus on the implications of the available figures. The FMR being lower than typical market rents, if they were known, would suggest that there might be some pressure on landlords to offer competitive rates to attract tenants who qualify for Section 8 assistance. However, the high median home value indicates that homeownership is still prevalent, but it also implies that the cost of living in the area is relatively high, which could contribute to the strong rental market presence.
The dynamics of ZIP 15628's real estate market, therefore, seem to favor a scenario where demand for rental properties is robust, driven by a considerable renter population and potentially high barriers to homeownership. For small-portfolio investors and landlords, understanding these dynamics is crucial in making informed decisions about pricing, maintenance, and investment strategies. The interplay between the FMR and the actual market conditions will continue to shape the opportunities and challenges in this market segment.
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.