Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $1,990 |
| 4 Bedrooms | $2,160 |
| 5 Bedrooms | $2,506 |
| 6 Bedrooms | $2,807 |
| 7 Bedrooms | $3,032 |
| 8 Bedrooms | $3,184 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,990 | $350,092 | 0.57% | F |
| 4BR | $2,160 | $484,077 | 0.45% | F |
U.S. Census Bureau data (2024)
The classification of ZIP code 16033 hinges on its financial metrics and the characteristics of its rental market. With a Fair Market Rent (FMR) of $1,180 for the fiscal year 2024, compared to a market rent of $1,137, this area offers a slight premium for landlords participating in the Section 8 program. The median home value at $334,412 suggests a relatively stable housing market, though it's important to consider the income levels and the proportion of renters.
The average household income of $108,071 indicates that residents have a solid financial foundation, which supports the potential for steady cash flow. However, the 19.7% rental rate is notably low, suggesting that many residents are homeowners rather than renters. This characteristic can influence the stability of the rental market, as a higher percentage of homeowners typically means less turnover and fewer rental vacancies. Despite the low rental rate, the income levels suggest that those who do rent are likely to be reliable tenants, further bolstering the stability aspect.
The lack of data on the number of days on market (DOM) for rentals makes it challenging to fully assess the speed of property turnovers. Nevertheless, the combination of a slightly higher FMR with strong income levels points toward an environment where landlords can expect reasonable yields without significant risk of vacancy or default. Given these factors, ZIP 16033 leans towards being a steady-cashflow zone, driven by the robust median income and the moderate difference between FMR and market rent. Landlords should anticipate consistent returns but also recognize that the lower rental rate might limit the size of their investment portfolios.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.