Section 8 Fair Market Rent (FMR) for ZIP 41001 - 2027
Location: Cincinnati, OH | Metro: Cincinnati, OH-KY-IN HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,090 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,960 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$102,447
Housing Authorities Serving ZIP 41001
A landlord considering ZIP 41001 (Alexandria, KY) for a Section 8 investment must follow a structured decision-making process based on the following criteria:
Step 1: Debt Service Coverage Ratio (DSCR)
- If the Fair Market Rent (FMR) of $1190 for the fiscal year 2024 can cover the debt service on a property valued at $338,111:
- Yes. The FMR provides sufficient income to meet debt obligations, making it a viable option for Section 8 investments.
- No. The FMR does not cover the debt service, indicating that the property value is too high for the rent available under Section 8. This would not be a suitable investment.
Step 2: Market Rent Comparison
- If the Zillow Observed Rent Index (ZORI) of $1,664 is compared to the FMR of $1190:
- Market Rent Above FMR. At $1,664, the market rent significantly exceeds the FMR, suggesting that landlords could potentially command higher rents outside of Section 8. However, this also means that Section 8 tenants might struggle to afford market rates.
- Market Rent Below or Equal to FMR. This scenario is unlikely given the provided figures, but if it were the case, it would indicate that the market is closely aligned with Section 8 standards, reducing the risk of vacancy.
Step 3: Demand Assessment
- If the rental market in ZIP 41001 has 10.7% of its population as renters and an average Days on Market (DOM) of 19 days:
- It Depends. While the DOM suggests a relatively quick turnover, the low percentage of renters might limit the pool of potential Section 8 tenants. Landlords should consider whether the local demand for affordable housing is strong enough to offset the limited rental population.
In conclusion, a landlord should only invest in ZIP 41001 if the FMR sufficiently covers the debt service and if the local demand for rental properties, despite the lower percentage of renters, is robust enough to ensure occupancy. The discrepancy between the FMR and ZORI indicates a need for careful consideration of the broader rental market dynamics.
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.