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 | $1,100 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,400 | $362,825 | 0.39% | F |
| 3BR | $1,670 | $458,187 | 0.36% | F |
| 4BR | $1,900 | $617,294 | 0.31% | F |
| 5BR | $2,204 | $855,125 | 0.26% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 43023, Granville, OH, stands at $142,852, indicating a relatively affluent area. However, when it comes to housing costs, the market rate for rent is $1,134 according to Census ACS data. This figure represents a significant portion of the average household's income, making housing expenses a notable financial commitment.
In comparison, the Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1,220. This amount is slightly higher than the current market rate, suggesting that households receiving Housing Choice Vouchers (commonly known as Section 8 vouchers) could potentially secure more affordable housing options than those available on the open market. The voucher system aims to bridge the gap between market rates and what low-income families can afford, but in Granville, the difference is minimal.
With only 11.1% of the 15,688 population being renters, the rental market is relatively small and competitive. Landlords must consider the limited pool of potential tenants when deciding on their rental strategy. Given the high median income, many renters might be able to afford market rates without assistance, reducing the demand for subsidized housing. However, the presence of the voucher program still offers an alternative for those who cannot meet the market rate on their own.
The affordability gap in Granville means that while there are fewer renters overall, they may have varying levels of financial stability. For landlords, this translates into a decision point between accepting vouchers, which come with government-set rents, or focusing on cash-paying tenants who might offer higher rents reflective of the local market conditions. The choice depends on the landlord's preference for stability versus potential higher revenue.
Takeaway: In ZIP 43023, landlords should weigh the benefits of accepting vouchers against the potential for renting to cash-paying tenants. While the voucher payment standard is close to the market rate, the small number of renters and high median income suggest a stronger focus on attracting cash-paying tenants could yield better financial outcomes. However, landlords should remain flexible, considering the needs of both groups to maximize occupancy and profitability.
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.