Location: Cincinnati, OH | Metro: Cincinnati, OH-KY-IN HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,700 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,010 | $118,575 | 0.85% | C |
| 2BR | $1,290 | $165,662 | 0.78% | D |
| 3BR | $1,700 | $208,334 | 0.82% | C |
| 4BR | $1,920 | $254,472 | 0.75% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 41014 in Covington, Kentucky, for fiscal year 2024 is set at $1,050. This figure represents the maximum amount that a landlord can receive through the Section 8 Housing Choice Voucher program for a unit in this area. It is important to note that this is not the actual rent you will charge your tenants; it's the reimbursement limit under the program.
In comparison, the Zillow Observed Rent Index (ZORI), which reflects the average rent prices in the area, stands at $1,258. This indicates that the market rent is higher than the Section 8 reimbursement rate, meaning landlords might have to accept a lower rent than what the market offers if they choose to participate in the program.
The demand for rentals in Covington is strong, with 48.0% of residents being renters. This high percentage suggests a significant portion of the population relies on rental housing, including those who may benefit from the Section 8 program. However, it also implies that there are many potential tenants competing for rental properties, so participation in Section 8 could be a strategic move to fill vacancies.
If you are considering purchasing a property for your first Section 8 rental in ZIP 41014, the median home value is approximately $182,920. This figure gives you an idea of the acquisition cost for a typical home in the area. Keep in mind that the value of homes can vary widely based on condition, size, and location within the ZIP code.
Before making a final decision to enter the Section 8 market, ensure that the property meets all necessary standards and requirements set by the Department of Housing and Urban Development (HUD). These standards cover safety, health, and livability aspects, and failing to meet them can result in penalties or disqualification from the program.
To summarize, while the FMR of $1,050 is lower than the local average rent of $1,258, the high renter share indicates a robust demand for affordable housing. The median home value of $182,920 provides a benchmark for the cost of acquiring a property suitable for Section 8 tenancy. Verify that the property complies with HUD standards to avoid issues post-acquisition.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.