Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The ZIP code 15923, located in the Pittsburgh, PA HUD Metro FMR Area, serves as a solid cash-flow anchor within a Section 8 portfolio strategy. This conclusion is based on the significant spread between the HUD Fair Market Rent (FMR) for a two-bedroom unit, which is set at $850 for FY 2024, and the market rent of $493. This difference indicates that landlords can secure higher rental income through Section 8 vouchers compared to market rates.
The median home value in ZIP 15923 is $98,670, suggesting that the area is predominantly composed of affordable properties. Given the median income of $57,167, many residents rely on rental assistance programs like Section 8 to afford housing. With a 9.5% renter share, the demand for rental properties is stable and likely to continue.
The substantial gap between FMR and market rent means that landlords can achieve positive cash flow even after accounting for the administrative burden and potential maintenance issues associated with Section 8 properties. This makes ZIP 15923 a reliable part of a diversified investment portfolio, particularly for small-portfolio investors who seek steady income without the volatility of purely market-rate investments.
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.