Section 8 Fair Market Rent (FMR) for ZIP 16034 - 2027

Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$970
1 Bedroom	$1,030
2 Bedrooms	$1,250
3 Bedrooms	$1,600
4 Bedrooms	$1,730
5 Bedrooms	$2,007
6 Bedrooms	$2,248
7 Bedrooms	$2,428
8 Bedrooms	$2,549

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,752

Median Household Income

$88,300

Housing Units

844

Renter Percentage

14.5%

Occupancy Rate

93.1%

Renter Occupied

114

When evaluating whether to purchase a property in ZIP code 16034 for Section 8 purposes, follow these steps:

Step 1: Calculate if the Fair Market Rent (FMR) of $1,150 can cover the debt service on a property valued at $252,053.

To determine if the FMR clears the debt service, you must know the annual debt service amount. Assuming a typical mortgage rate of 4%, the annual debt service would be approximately $10,082. Since the monthly FMR of $1,150 translates to an annual income of $13,800, the FMR does indeed exceed the annual debt service. This means that Yes, the FMR of $1,150 can clear the debt service on a $252,053 property.

Step 2: Compare the market rent of $813 to the FMR of $1,150.

The market rent of $813 is below the FMR of $1,150. This indicates that properties in ZIP 16034 can potentially be rented out at higher rates through Section 8 vouchers compared to the local market. Thus, Yes, the market rent being below the FMR is favorable for Section 8 investments.

Step 3: Assess the rental demand, which is 14.5% of renters, and consider the impact of N/A-day days on market (DOM).

The percentage of renters at 14.5% suggests a moderate level of demand. However, the absence of data regarding days on market (DOM) makes it challenging to assess how quickly properties might be leased. Without DOM data, the answer is It Depends. The demand is present but without knowing how fast units turn over, it's difficult to gauge the overall investment viability.

In summary, ZIP 16034 presents a scenario where the FMR comfortably covers the debt service and exceeds the market rent, making it a viable option for Section 8 investments. However, the lack of specific DOM data introduces uncertainty about the speed of leasing, which landlords and small-portfolio investors need to consider before making a final decision.

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.