Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 16059 stands out in its county with a population of 10,062 residents, where only 12.8% of the households rent their homes. The median income in this area is $110,828, reflecting a relatively affluent community. The median home value of $414,752 further underscores the financial stability of the homeowners in this ZIP code.
When it comes to Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 16059 is set at $1,740 for the fiscal year 2024. This figure is notably higher than the average market rent of $1,279, based on Census American Community Survey (ACS) data. Landlords and small-portfolio investors should take note of this discrepancy, as it indicates that tenants with vouchers can potentially cover a larger portion of the actual market rent, making participation in the Section 8 program financially viable.
The data signature for ZIP 16059 reads as stable. With a high median income and median home value, the area demonstrates a strong economic foundation. The low percentage of renters suggests a preference for homeownership, which aligns with the high median home value. However, the higher FMR compared to the market rent provides a cushion for those who choose to accept Section 8 tenants, ensuring that rents remain competitive and attractive to both landlords and voucher holders.
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.