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 | $1,150 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,460 | $294,231 | 0.5% | F |
| 3BR | $1,740 | $430,664 | 0.4% | F |
| 4BR | $1,980 | $524,006 | 0.38% | F |
| 5BR | $2,297 | $638,163 | 0.36% | F |
U.S. Census Bureau data (2024)
A skeptical investor looking into ZIP 43031 (Johnstown, OH) might raise several concerns regarding the feasibility of investing in properties there, particularly when considering Section 8 housing. Let's address these concerns directly.
Objection 1: Will Fair Market Rent (FMR) of $1320 cover the mortgage on a $435,854 home?
The FMR for ZIP 43031 in fiscal year 2024 is set at $1320. This figure represents the maximum amount that HUD will pay for a unit in the area, which is significantly lower than what would typically be required to cover the mortgage on a $435,854 home. For a property of this value, even with a low-interest rate mortgage, monthly payments could easily exceed $1320. Therefore, relying solely on FMR to cover the mortgage would likely result in financial strain.
Objection 2: Is there enough renter demand at 19.6%?
The percentage of renter-occupied households in ZIP 43031 is 19.6%. While this indicates a smaller proportion of renters compared to owner-occupied homes, it still represents a significant portion of the population. However, the data does not provide detailed insights into the specific demand for Section 8 rental units. It is important to consider that the overall rental market demand does not necessarily correlate with the demand for subsidized housing. Landlords should investigate local housing authority waitlists and tenant turnover rates to gauge the actual demand for Section 8 rentals.
Objection 3: Will vouchers keep pace with $2,100 market rents?
The market rent for a two-bedroom apartment in ZIP 43031 is approximately $2,100. Given that the FMR is $1320, it is clear that vouchers alone will not cover the full market rent. The difference between the voucher amount and the market rent must be absorbed by the landlord or addressed through other means, such as raising the rent for non-voucher tenants or seeking additional subsidies. It is crucial to understand the terms and conditions of voucher programs, as well as any local policies that might affect the ability to collect the full rent.
In summary, while ZIP 43031 presents some challenges for landlords and small-portfolio investors interested in Section 8 properties, understanding the specific data points can help in making informed decisions. The FMR is unlikely to cover the mortgage on higher-value homes, the overall rental demand is moderate but does not specify demand for subsidized units, and vouchers will not meet market rents without additional strategies.
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.