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 | $1,330 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,830 |
| 3 Bedrooms | $2,410 |
| 4 Bedrooms | $2,720 |
| 5 Bedrooms | $3,155 |
| 6 Bedrooms | $3,534 |
| 7 Bedrooms | $3,817 |
| 8 Bedrooms | $4,008 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,830 | $270,868 | 0.68% | D |
| 3BR | $2,410 | $317,311 | 0.76% | D |
| 4BR | $2,720 | $446,127 | 0.61% | D |
| 5BR | $3,155 | $561,041 | 0.56% | F |
U.S. Census Bureau data (2024)
ZIP code 41048, located in Hebron, KY within Boone County, stands out due to its relatively low rental rate compared to the market value and income levels. With 16,211 residents, only 12.4% are renters, indicating a predominantly owner-occupied community. The median household income of $137,398 suggests a prosperous area, while the median home value of $373,410 reflects the high cost of homeownership.
The voucher economics in Hebron present an interesting opportunity for landlords. The Fair Market Rent (FMR) for ZIP 41048 in fiscal year 2024 is set at $1,570, which is notably lower than the market rent of $2,015 as measured by ZORI (Zillow Observed Rent Index). This discrepancy means that landlords participating in the Section 8 program can expect to receive less than the market rate, but still benefit from stable tenants backed by government subsidies. Given the higher median income and home values, there's a potential for attracting tenants who might supplement the voucher amount to reach the market rate.
Evaluating the overall data signature of ZIP 41048, it reads as stable. The low rental rate percentage indicates a strong preference for homeownership among residents, which is supported by the high median income. While the gap between FMR and market rent presents a challenge for landlords relying solely on vouchers, the economic indicators suggest a consistent and affluent local environment that could support a mix of subsidized and market-rate rentals.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.