Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
U.S. Census Bureau data (2024)
The classification of ZIP code 15641 hinges on analyzing its yield and stability metrics. Yield is determined by comparing the Fair Market Rent (FMR) set at $850 for fiscal year 2024 against the current market rent of $620. Additionally, the median home value stands at $103,723. Stability factors include the percentage of renters at 32.1%, the average days on market (DOM), which is currently unavailable, and the median household income of $65,536.
On the yield axis, ZIP 15641 presents an opportunity. The FMR is significantly higher than the market rent, indicating that there's room to increase rental rates without exceeding what is considered fair in the area. This suggests a potential for higher returns if landlords can adjust their rents closer to the FMR. However, the median home value is relatively low compared to the FMR, implying that the housing stock may be predominantly lower-value homes, which could limit the ability to charge premium rents.
Regarding stability, the 32.1% rate of renters is moderate, suggesting a mix of homeowners and renters in the area. While the lack of data on the average days on market (DOM) makes it challenging to assess the speed at which properties are rented out, the median household income provides some insight into the economic health of the area. At $65,536, the income level is not exceptionally high but is sufficient to support the current market rent, indicating that tenants can generally afford their rent payments.
Given these figures, ZIP 15641 does not fit neatly into either a high-yield/low-stability flip-style market or a steady-cashflow zone. Instead, it represents a middle-ground scenario where there is potential for increased rental income, yet the existing conditions suggest a stable tenant base capable of paying current market rates. Landlords should cautiously increase rents towards the FMR while monitoring local economic indicators to ensure stability remains intact.
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.