Section 8 Fair Market Rent (FMR) for ZIP 41017 - 2027

Investment Score for ZIP 41017

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$960
1 Bedroom	$1,030
2 Bedrooms	$1,320
3 Bedrooms	$1,740
4 Bedrooms	$1,960
5 Bedrooms	$2,274
6 Bedrooms	$2,547
7 Bedrooms	$2,751
8 Bedrooms	$2,889

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,320	$248,424	0.53%	F
3BR	$1,740	$317,561	0.55%	F
4BR	$1,960	$490,490	0.4%	F
5BR	$2,274	$744,815	0.31%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 41017 (Lakeside Park, OH) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 41017 is set by HUD for 2026. The FMRs are as follows: - 0BR: $880 - 1BR: $960 - 2BR: $1240 (which represents 15.3% of the median household income) - 3BR: $1640 - 4BR: $1810 To understand how these FMRs compare to actual rents, we need to consider the price-to-FMR ratio. For a 2BR unit, the Zillow median price is $241,488, which translates to a price-to-FMR ratio of 16.2x. This means that the actual rent for a 2BR unit is significantly higher than the FMR. For instance, if we assume a typical mortgage payment based on the median price, it would be around $1,000 per month, which is already above the FMR for a 2BR unit. This creates a constraint for voucher holders, as they may struggle to find units that are affordable under their vouchers. In Lakeside Park, OH, where the median household income is $97,274, the FMR for a 2BR unit is only 15.3% of this income. This suggests that even without a voucher, renting a 2BR unit is relatively affordable for the average resident. However, for those relying solely on Section 8 vouchers, finding a suitable rental property could be challenging due to the high actual rent prices. #### Affordability & Renter Profile In ZIP code 41017, the population is 40,719, with 22.6% being renters. This indicates that the majority of residents own their homes, suggesting a relatively affluent area. The occupancy rate of 93.5% shows that the housing market is quite tight, with most available units being occupied. Given the high median household income and the relatively low percentage of renters, it is likely that the typical renter in this area is also financially stable. However, the high price-to-FMR ratio of 16.2x for 2BR units implies that there is a significant gap between what the average renter can afford and the actual rent prices. This tight market condition makes it difficult for low-income households to find affordable rentals, especially when relying on Section 8 vouchers. #### Investor Angle From an investor perspective, the ZIP code 41017 presents a mixed picture. The FMRs set by HUD provide a baseline for rental pricing, but the actual rents are much higher. For example, the Zillow median price for a 2BR unit is $241,488, which would translate to a monthly mortgage payment of approximately $1,000. This is already above the FMR of $1240 for a 2BR unit. However, given the high median household income and the tight market conditions, there is still potential for cash flow positivity. Investors who can secure properties below the median price might find it profitable to rent them out at rates slightly above the FMR but still below the actual market rates. This would cater to both voucher holders and other low-income renters who might find the market rates prohibitive. The investment grade for this ZIP code would be considered moderate. While there is a strong demand for rental properties, the high actual rent prices and the limited number of units that fall within the FMR range make it challenging to attract a broad base of tenants. Investors should focus on properties that offer value and affordability to ensure steady cash flow. #### Specific Actionable Insights 1. **Target Lower-Priced Units**: Investors should target properties that are priced below the median price of $241,488 for 2BR units. This will allow them to offer rents closer to the FMR of $1240, making it easier to attract Section 8 voucher holders and other low-income renters. For instance, a property priced at $200,000 would have a monthly mortgage payment of about $833, leaving room for a rent of $1240 while maintaining profitability. 2. **Focus on Smaller Units**: Given the high price-to-FMR ratio, smaller units like 0BR and 1BR apartments might be more attractive to voucher holders. These units have lower FMRs ($880 and $960 respectively), which could be more aligned with the actual rents in the area. Investors could consider developing or purchasing smaller units to cater to this segment of the market. 3. **Consider Location-Specific Factors**: While the overall market is tight, certain areas within Lakeside Park might have more affordable rental options. Investors should conduct thorough location-specific research to identify pockets where rents are closer to the FMR. Additionally, properties that offer amenities such as parking, green spaces, or proximity to public transportation might command slightly higher rents while still remaining within the FMR range. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 41017 is to **Hold**. The high price-to-FMR ratio and the tight market conditions make it challenging to find properties that are both affordable and profitable. However, there is still potential for cash flow positivity if investors can secure properties below the median price and offer rents close to the FMR. Investors should be cautious and selective, focusing on smaller units and conducting detailed location-specific analyses to identify opportunities. Overall, the market dynamics suggest that while there is demand, the supply of affordable units is limited, making it a moderately attractive but challenging investment environment.

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.