Location: Columbus, OH | Metro: Columbus, OH 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 | $1,190 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,510 | $374,100 | 0.4% | F |
| 3BR | $1,800 | $469,758 | 0.38% | F |
| 4BR | $2,050 | $607,287 | 0.34% | F |
U.S. Census Bureau data (2024)
The Section 8 cap rate analysis for ZIP 43001 in Alexandria, OH, provides a clear view of potential investment yields. For the Fair Market Rent (FMR) of $1250 per month for a 2BR unit, the annualized income is $15,000. Given the median home value of $478,291, this translates to an implied gross yield of approximately 3.14%. The calculation is straightforward: $1250 multiplied by 12 months equals $15,000, divided by $478,291.
On the other hand, using the market rent figure of $1,230 per month from the Census ACS, the annualized income drops slightly to $14,760. This results in an implied gross yield of around 3.08%, calculated similarly: $1,230 times 12 months equals $14,760, divided by $478,291.
The difference between these two gross yields is minimal, with the FMR scenario offering a marginally higher return. However, considering the renter density of 13.2% in Alexandria, OH, it's important to recognize that the number of days on market (DOM) is listed as N/A. This suggests a lack of data on how quickly rental properties are typically leased, which could impact the reliability of the FMR versus market rent figures.
In reality, the market rent figure is likely more reflective of what landlords can expect from tenants participating in the Section 8 program. While the FMR sets a benchmark, actual lease-up rates and tenant behavior can vary significantly. Therefore, the implied gross yield of 3.08% based on market rent is probably more accurate for investment planning purposes.
Landlords should also consider that the low renter density indicates a smaller pool of potential tenants, which could affect occupancy rates and, consequently, the overall financial performance of a property. Despite the slight edge in gross yield from the FMR, the market rent figure offers a more grounded expectation for long-term investment returns in ZIP 43001.
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.