Real Estate Investing in Pittsburgh, Pennsylvania (15233)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 15233 (Pittsburgh, PA)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 18.1% of homes vacant — above national norms.
- Flat appreciation: Values have barely moved over 5 years (0.3% CAGR).
What’s happening in Pittsburgh, PA (15233)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 15233 Pittsburgh
The 15233 ZIP covers a section of Pittsburgh that demands careful diligence. Prices near $242K look accessible, but the work to make a deal cash flow is real.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $242K asset, 15233 is the wrong submarket. If the plan prices in friction, the yield can still work.
ZIP 15233's metrics run below Allegheny County's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
From an investor standpoint, 2,918 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Strategically, 15233 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Pittsburgh:
Property Strategy for 15233
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $209,961 | $1,350 | 4.6% | +6.8% | $104,981 |
| 3BR | $240,298 | $1,730 | 5.2% | +5.1% | $80,099 |
| 4BR | $311,363 | $1,860 | 4.3% | +2.2% | $77,841 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 15233 Compare?
| Metric | 15233 | Pittsburgh | Pittsburgh, PA | Pennsylvania |
|---|---|---|---|---|
| Home Value | $242,145 | $139,617 | N/A | $278,018 |
| 5-Year CAGR | 0.3% | 2.0% | N/A | 6.3% |
| Avg Rent | $1,370 | $1,523 | N/A | - |
| Cap Rate | 4.4% | 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 15233 (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 | $242,145 |
| Monthly Rent | $1,370 |
| Price-to-Rent | 14.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.8% |
| Cap Rate | 4.4% |
| 5-Year IRR | 4.7% |
📈 Home Appreciation
| 1-Year | 0.0% ▼ |
| 3-Year CAGR | +1.2% ▲ |
| 5-Year CAGR | +0.3% ▲ |
| 10-Year CAGR | +3.9% ▲ |
🏠 Rent Trends
| 1-Year | -16.8% ▼ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.4%). 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 15233
Population: 2,918
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 15233
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Pittsburgh Allegheny K-5
Pittsburgh Langley K-8
Pittsburgh Milliones 6-12
City CHS
Fred L Aiken 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
Investor Insight: With 4,504 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the typical rental rate in Pittsburgh, PA?
The typical rental in Pittsburgh, PA commands about $1,370/mo monthly. That rent profile predictable cash flow against the $242K purchase basis.
What is the tenant pool like in Pittsburgh, PA?
Expect a solid tenant pool in Pittsburgh, PA. The rental market absorbs $1,370/mo rents without meaningful friction.
Should investors consider Pittsburgh, PA?
The 3.0/5 investability rating in Pittsburgh, PA reflects its $242K prices and $1,370/mo rents. Investors generally consider it a solid option within PA.
Are eviction rules reasonable in Pittsburgh, PA?
For rental operators, Pittsburgh, PA rates as landlord-friendly. The regulatory environment standard buy-and-hold operations.
What approach is best for Pittsburgh, PA real estate?
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.
You know 15233 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 15233 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 15233 ranks in Pittsburgh, PA
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