Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The potential pitfalls of investing in ZIP 16022 under the Section 8 program are significant and must be carefully considered. Tenant turnover is a critical issue, as the market rent stands at $806, which is notably lower than the Fair Market Rent (FMR) of $1110 for FY 2024. This discrepancy suggests that landlords may face challenges in attracting tenants willing to pay the higher FMR rates, leading to increased turnover and associated costs.
Vacancy exposure is another concern, given the lack of available data on the average number of days on market (DOM). This absence of information makes it difficult to predict how long properties might remain vacant, potentially resulting in lost rental income. Furthermore, the typical home value in ZIP 16022 is $106,451, while the median income is $76,250. This combination can lead to deferred maintenance issues, as tenants may struggle to afford necessary repairs, placing the financial burden on the landlord.
However, these risks are somewhat mitigated by the high renter share of 27.4%. High renter density generally indicates a greater demand for rental housing, including units that accept Section 8 vouchers. The presence of a substantial number of renters can provide a stable pool of potential tenants who rely on government assistance to secure housing, thereby reducing the likelihood of prolonged vacancies.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.