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)
30.9% of residents in ZIP 15698 are renters, indicating a significant demand for rental properties in the area. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1100, which provides a benchmark for landlords to ensure their rents align with HUD guidelines. In comparison, the actual market rent, as reported by the Census Bureau's American Community Survey, stands at $856, suggesting that landlords can potentially increase their rental rates to match the FMR without losing tenants.
$110,810 is the median home value in ZIP 15698, which is relatively low compared to other areas, making it an attractive option for first-time homebuyers and investors looking to purchase properties at a lower cost. However, the median income of $49,375 might limit the purchasing power of some potential tenants, so landlords should consider offering affordable rental options to cater to this demographic.
The data does not provide a specific number for days on market (DOM) or the percentage of price-cut shares, which could be due to insufficient data points or recent changes in the local real estate market. This absence of figures makes it challenging to assess how quickly properties are selling and whether there is a trend of price reductions among sellers.
Despite these limitations, the disparity between the FMR and the market rent presents an opportunity for landlords and small-portfolio investors to adjust their pricing strategies. By setting rents closer to the FMR, landlords can maximize their returns while still remaining competitive in the local market.
In ZIP 15698, the Section 8 program offers a strong support system for low-income tenants, ensuring steady rental income for landlords. The FMR of $1100 serves as a reliable indicator for acceptable rental prices under the program, making it a viable option for property owners seeking stable cash flow.
$1100 FMR aligns well with the needs of both landlords and tenants, making ZIP 15698 a favorable location for Section 8 participation.
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.