Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
U.S. Census Bureau data (2024)
To classify ZIP code 15629, we must analyze both yield and stability factors based on the provided data. The Fair Market Rent (FMR) for ZIP 15629 is set at $1010 for fiscal year 2024, which is notably higher than the market rent of $820. This discrepancy suggests a potential for higher rental yields if landlords can secure tenants willing to pay the FMR rate.
The median home value in ZIP 15629 is $79,564, indicating that property acquisition costs are relatively low. However, it's important to note that the average income in the area is $55,278, which may limit the ability of residents to afford higher rents. Despite this, the FMR being above the market rent still presents an opportunity for increased cash flow per unit.
Regarding stability, 22.4% of residents are renters, which is a relatively low percentage. This figure implies that there might be less demand for rental properties compared to owner-occupied homes, potentially affecting the occupancy rates and the consistency of rental income. Additionally, the lack of data on days on market (DOM) makes it challenging to assess how quickly rental units can be filled, adding another layer of uncertainty.
In conclusion, ZIP 15629 leans towards a high-yield/low-stability market. The primary driver for this classification is the significant gap between the FMR ($1010) and the market rent ($820), which allows for higher rental yields. However, the low percentage of renters (22.4%) and the absence of DOM data suggest that maintaining consistent cash flow could be more challenging than in areas with higher rental populations and quicker turnover rates. For landlords and small-portfolio investors looking to maximize returns, this ZIP code offers an opportunity but requires careful management to ensure stable occupancy and income.
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.