Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,320 |
| 1 Bedroom | $1,410 |
| 2 Bedrooms | $1,710 |
| 3 Bedrooms | $2,180 |
| 4 Bedrooms | $2,370 |
| 5 Bedrooms | $2,749 |
| 6 Bedrooms | $3,079 |
| 7 Bedrooms | $3,325 |
| 8 Bedrooms | $3,491 |
U.S. Census Bureau data (2024)
27.3% of residents in ZIP 16027 are renters, indicating a significant portion of the population relies on rental housing. With a Fair Market Rent (FMR) set at $1500 for zip code 16027 in fiscal year 2024, landlords can expect to receive this amount as the maximum allowable rent for Section 8 vouchers. However, the market rent, according to the Census ACS, stands at $1,298, which suggests that landlords participating in the Section 8 program could potentially charge a higher rent compared to the average market rate.
$84,531 is the median income for the area, providing insight into the economic status of the residents. Despite this figure, the median home value is listed as N/A, which could imply a lack of available data or an absence of a substantial homeownership market. This absence, combined with the high percentage of renters, points towards a strong demand for rental properties in the area.
The data also shows that the days on market (DOM) and the percentage of price-cut shares are both listed as N/A. This could indicate that there isn't enough recent transaction data to provide these metrics, but given the strong renter share, it's reasonable to infer that rental properties are likely to be occupied quickly once they become available.
In conclusion, ZIP 16027 presents a favorable environment for landlords and small-portfolio investors looking to participate in the Section 8 program. The discrepancy between the FMR and the market rent, along with the significant renter share and the relatively high median income, suggests that properties in this area could benefit from the stability provided by Section 8 tenants while still commanding rents above the local average. Verdict: ZIP 16027 is a good fit for Section 8 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.