Location: Pittsburgh, PA | Metro: Pittsburgh, PA HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
The rent math in ZIP 16061 does not align favorably for landlords. The Fair Market Rent (FMR) set at $1020 for the fiscal year 2024 is notably lower than the market rent of $1,080 based on Census ACS data. This suggests that landlords might struggle to cover costs if they adhere strictly to the FMR guidelines.
Acquisition in this area remains within reach for small-portfolio investors, with a median home value of $233,896. However, without specific data on days on market (DOM) and the percentage of homes that have been listed at a discount, it's challenging to assess the exact affordability of property acquisition. Investors should proceed with caution and conduct thorough due diligence on individual properties.
Tenant demand in ZIP 16061 is relatively low. With a total population of 2,564, only 11.9% are renters. This indicates that the pool of potential tenants is limited, which could make it difficult to find suitable occupants quickly. Landlords should be prepared for a potentially longer vacancy period.
In summary, while the median home value in ZIP 16061 presents an opportunity for acquisition, the discrepancy between the FMR and market rent, combined with a low renter share, suggests that this area may not be optimal for landlords seeking immediate profitability. Tenant acquisition could be slow, and adherence to FMR guidelines would likely result in reduced profit margins. Investors should carefully weigh these factors before making any decisions.
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.