Location: Columbus, OH | Metro: Columbus, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The Section 8 cap rate analysis for ZIP code 43008, Buckeye Lake, OH, reveals a significant difference between the Federal Market Rent (FMR) and the actual market rent. The annualized FMR for a 2BR property is $1050, while the Census ACS reports the market rent at $860.
To derive the gross yield, we first calculate the potential rental income based on these figures. At an FMR of $1050, the annual income would be $12,600. Dividing this by the median home value of $286,098 yields a gross yield of approximately 4.4%. Conversely, using the market rent figure of $860, the annual income drops to $10,320, resulting in a gross yield of about 3.6%.
The implied gross-yield of 4.4% derived from the FMR scenario appears optimistic compared to the actual market conditions. Given the 24.6% renter density, it's evident that a substantial portion of the housing market in Buckeye Lake is owner-occupied, suggesting that landlords might face challenges in attracting tenants willing to pay the higher FMR rates. Additionally, the N/A-day DOM (days on market) indicates incomplete data, which could mean either very quick sales or prolonged listing periods, both of which affect the reliability of the FMR-based gross yield.
In conclusion, the gross yield of 3.6%, based on the actual market rent, provides a more realistic expectation for landlords and small-portfolio investors in ZIP 43008. This lower yield reflects the true rental environment and should be considered when evaluating investment opportunities in this area.
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.