Section 8 Fair Market Rent (FMR) for ZIP 16046 - 2027
Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
Investment Score for ZIP 16046
D
Monthly Rent (2BR)
$2,080
Median Price (2BR)
$290,981
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,610 |
| 1 Bedroom | $1,720 |
| 2 Bedrooms | $2,080 |
| 3 Bedrooms | $2,650 |
| 4 Bedrooms | $2,880 |
| 5 Bedrooms | $3,341 |
| 6 Bedrooms | $3,742 |
| 7 Bedrooms | $4,041 |
| 8 Bedrooms | $4,243 |
Investment Analysis by Bedroom Size
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms |
Monthly FMR |
Median Price |
1% Rule |
Grade |
| 2BR |
$2,080 |
$290,981 |
0.71% |
D |
| 3BR |
$2,650 |
$423,307 |
0.63% |
D |
| 4BR |
$2,880 |
$663,763 |
0.43% |
F |
| 5BR |
$3,341 |
$1,030,118 |
0.32% |
F |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$151,560
A skeptical investor might raise several concerns regarding the real estate market in ZIP 16046 (Mars, PA). Let's address these concerns using the latest data.
- Will FMR $1740 (zip FY 2024) cover the mortgage on a $502,106 home? According to recent data, the estimated monthly mortgage payment for a median-priced home in Mars, PA is $3,120, assuming a 6.16% interest rate on a 30-year fixed mortgage. This amount significantly exceeds the Fair Market Rent (FMR) of $1,740. Therefore, relying solely on FMR to cover mortgage payments would be insufficient, leaving a gap of $1,380 per month.
- Is there enough renter demand at 15.3%? Renter demand in ZIP 16046 is higher than the 15.3% figure cited. Data shows that renters make up 18.4% of the Mars population. Additionally, the rental vacancy rate is relatively low at 2.1%, indicating strong demand. However, it's important to note that the rental market is still smaller compared to owner-occupied homes, which could limit the number of potential tenants.
- Will vouchers keep pace with $1,711 market rents? While specific data on voucher usage and trends in ZIP 16046 is limited, it's worth noting that the average monthly rent in this area is approximately $3,000, according to recent estimates. Given that market rents are higher than the voucher amount, landlords may face challenges in attracting tenants who rely solely on vouchers. To mitigate this, landlords could consider accepting a combination of voucher assistance and additional rent payments from tenants.
The data clearly shows that while there is a robust rental market with strong demand, the financials do not align perfectly with the skepticism raised. Landlords must carefully consider their financing options and tenant selection strategies to ensure profitability.
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.