Location: Union County, 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 | $1,260 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,180 |
| 5 Bedrooms | $2,529 |
| 6 Bedrooms | $2,832 |
| 7 Bedrooms | $3,059 |
| 8 Bedrooms | $3,212 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,610 | $258,693 | 0.62% | D |
| 3BR | $1,920 | $369,975 | 0.52% | F |
| 4BR | $2,180 | $509,493 | 0.43% | F |
| 5BR | $2,529 | $704,170 | 0.36% | F |
U.S. Census Bureau data (2024)
Delaware, Ohio (ZIP 43015) offers a blend of historic charm and modern expansion, anchored significantly by the presence of Ohio Wesleyan University. This institution provides a steady economic base and cultural vibrancy to the downtown area, while the broader city features a mix of 19th-century architecture and new residential subdivisions. The community is characterized by its family-friendly atmosphere and a growing retail sector along the US-23 corridor, making it a desirable suburban outpost just north of Columbus.
From a financial perspective, the numbers reveal a challenging gap for voucher holders. The HUD Fair Market Rent (FMR) for a 2-bedroom unit sits at $1,260, yet the current market rent (Zillow ZORI) is $1,660, leaving a shortfall of $400 that tenants must cover out-of-pocket. This disparity exists alongside a robust housing market where the median home value is $408,683 and the median 2BR sale price reaches $254,127. Properties are moving at a moderate pace, with a median of 70 days on market, suggesting competition is present but not frenetic.
The tenant pool is generally stable and affluent, with a median household income of $105,322 and a renter share of 27.7%. While voucher demand exists, the high income levels indicate a market leaning toward market-rate professionals rather than subsidized housing. Families are drawn to the area for its highly rated public schools and the walkable historic district, though car dependency remains high as public transit options are limited compared to the core Columbus neighborhoods.
The Section 8 verdict here leans toward an appreciation play rather than immediate cash flow. With the $400 gap between FMR and market rent, relying solely on the voucher payment ceiling is difficult. However, the $408,683 median home value and $105,322 median income signal strong equity potential and long-term stability. Investors should focus on acquiring properties below the median price point to bridge the rent gap, banking on the area's economic fundamentals to drive value over time.
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.