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 ZIP code 15693 in the Pittsburgh, PA HUD Metro FMR Area is best suited as a cash-flow anchor within a Section 8 portfolio strategy. The Fair Market Rent (FMR) for FY 2024 is set at $1020, which serves as a benchmark for rental rates in this area.
While specific market rental rates and median home values are not available, the FMR provides a reliable indicator of what landlords can expect to receive in rental payments from tenants participating in the Section 8 program. This stability is crucial for maintaining consistent cash flow, especially in an uncertain economic environment.
The median income in ZIP 15693 is $49,118. Given that the Section 8 program targets low-income families, the relatively moderate median income suggests a reasonable number of potential tenants who qualify for the assistance. This makes the ZIP code attractive for landlords looking to secure long-term, stable rental income.
ZIP 15693 does not present itself as an appreciation play due to the lack of data on home price cuts and days on market (DOM). Without these metrics, it's difficult to gauge whether the real estate market in this area is experiencing growth that would benefit investors looking to increase their property values over time.
Similarly, this ZIP code is not ideal as a diversifier. The renter share is listed as 0.0%, indicating that almost all residents in this area are homeowners. This characteristic reduces the potential for attracting a broad range of tenants, which is a key aspect of diversification in a rental portfolio.
In conclusion, ZIP 15693 stands out as a cash-flow anchor because of its reliance on the Section 8 program's established FMR and the presence of a significant number of low-income families who can benefit from this assistance. Landlords should focus on leveraging the guaranteed rental income to stabilize their overall investment strategy.
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.