Section 8 Fair Market Rent (FMR) for ZIP 15640 - 2027

Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$820
1 Bedroom	$870
2 Bedrooms	$1,060
3 Bedrooms	$1,350
4 Bedrooms	$1,470
5 Bedrooms	$1,705
6 Bedrooms	$1,910
7 Bedrooms	$2,063
8 Bedrooms	$2,166

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

355

Median Household Income

$83,000

Housing Units

130

Renter Percentage

20.8%

Occupancy Rate

100.0%

Renter Occupied

The ZIP code 15640, located in Pennsylvania, offers a unique blend of suburban living and access to urban amenities, making it a desirable location for both homeowners and renters. The area is characterized by its affordable housing options and strong local economy, which supports a diverse mix of residents.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 15640 for fiscal year 2024 is set at $950, providing a benchmark for rental pricing in the area.
The median home value stands at $111,267, indicating that the housing market is relatively stable and affordable compared to other regions.
Renters make up 20.8% of the population, suggesting a significant demand for rental properties but also a substantial owner-occupied base.
The median income of $83,000 reflects a solid economic foundation, supporting the ability of residents to afford housing costs, whether through renting or purchasing.
Despite the lack of specific data on days on market (DOM), the combination of a reasonable FMR and median home value suggests that homes are likely to sell within a competitive timeframe.
The absence of precise market rent data means that landlords should rely on the FMR as a guide, adjusting for property quality and location specifics.

For investors, ZIP 15640 presents a balanced opportunity with a clear rental price benchmark and a median home value that indicates affordability. The strong median income suggests that tenants can reliably pay rent, while the mix of homeowners and renters provides a stable tenant pool. Despite the limited data on days on market, the overall economic health of the area supports timely property turnover and consistent cash flow for small-portfolio investors and landlords.

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.