Real Estate Investing in Pittsburgh, Pennsylvania (15238)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 15238 (Pittsburgh, PA)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 8.0% vacancy may signal weakening demand.
- High price-to-rent: Price-to-rent ratio 28.0 — hard to cash-flow at these prices.
What’s happening in Pittsburgh, PA (15238)?
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Market Analysis: 15238 Pittsburgh
ZIP 15238 inside Allegheny County looks affordable on the surface — median value of $581K — but the discount exists for reasons that a careful buyer should understand before committing.
In practical terms, the numbers look inviting — $581K purchase price, 0.0% nominal cap — the work to hit that pro forma in 15238 is substantial and deserves full respect.
The gap between 15238 and stronger Pittsburgh ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Demographically, 15238 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
seems to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Pittsburgh:
Property Strategy for 15238
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $237,430 | $1,330 | 4.0% | +5.9% | $118,715 |
| 3BR | $400,505 | $1,700 | 3.1% | +5.5% | $133,502 |
| 4BR | $732,719 | $1,830 | 1.8% | +6.8% | $183,180 |
| 5BR | $1,154,393 | — | — | +7.3% | $230,879 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 15238 Compare?
| Metric | 15238 | Pittsburgh | Pittsburgh, PA | Pennsylvania |
|---|---|---|---|---|
| Home Value | $581,326 | $139,617 | N/A | $278,018 |
| 5-Year CAGR | 5.7% | 2.0% | N/A | 6.3% |
| Avg Rent | $1,731 | $1,523 | N/A | - |
| Cap Rate | 2.3% | 5.0% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 15238 (Pittsburgh, PA). Anonymous, moderated, never written by AI.
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Property managers serving Allegheny County
Manage rentals here? List your business →Real Property Management Keystone offers property management services in Pittsburgh, PA and surrounding areas. summary from their website
Real Property Management Pittsburgh is a property management company in Pittsburgh, PA. summary from their website
Real Property Management Three Rivers is a property management company in Pittsburgh, PA. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $581,326 |
| Monthly Rent | $1,731 |
| Price-to-Rent | 28.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.6% |
| Cap Rate | 2.3% |
| 5-Year IRR | 8.0% |
📈 Home Appreciation
| 1-Year | +8.3% ▲ |
| 3-Year CAGR | +5.8% ▲ |
| 5-Year CAGR | +5.7% ▲ |
| 10-Year CAGR | +5.6% ▲ |
🏠 Rent Trends
| 1-Year | -9.7% ▼ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.3%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 15238
Population: 13,000
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 15238
Schools in This ZIP Code
Nearby Schools (3 more)
Schools in adjacent ZIP codes that may serve this area
Kerr El Sch
Riverview JSHS
Tenth Street El Sch
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
What is the smart move for investors in Pittsburgh, PA?
The best-fit strategy in Pittsburgh, PA is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
What monthly rent should investors expect in Pittsburgh, PA?
Expect rents around $1,731/mo per month in Pittsburgh, PA. With home values at $581K, the yield math works out to reasonable levels for rental investors.
How deep is the rental pool in Pittsburgh, PA?
Pittsburgh, PA offers a predictable renter base at the $1,731/mo rent level. Tenant turnover is reasonable for well-managed properties.
How viable is house hacking in Pittsburgh, PA?
House hacking in Pittsburgh, PA is reasonable to execute. Prices around $581K and rents of $1,731/mo solid owner-occupant economics.
What are vacancy rates like in Pittsburgh, PA?
Expect elevated vacancy in Pittsburgh, PA. Rents at $1,731/mo are absorbed by the tenant base without meaningful lag.
You know 15238 now. You don’t know where it ranks.
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How 15238 ranks in Pittsburgh, PA
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