Section 8 Fair Market Rent (FMR) for ZIP 43044 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 43044

• Springfield Metropolitan Housing Authority (Springfield, OH) - 1,378 Section 8 vouchers
• London Metropolitan Housing Authority (London, OH)

To determine if you should buy in ZIP code 43044 for Section 8 investment, follow this decision tree based on the provided data.

1) Does FMR $1050 (zip FY 2024) clear debt service on a $272,688 property?

• No: The Fair Market Rent (FMR) of $1050 is insufficient to cover the debt service on a property valued at $272,688. To break even, the rental income must be higher than the debt service, which includes mortgage payments, insurance, and property taxes. With an FMR that does not meet these financial obligations, purchasing in this area would not be advisable for a Section 8 investment.
• Yes: If your debt service is lower than $1050 per month, then the FMR can cover your costs. Proceed to the next question.

2) Is market rent $830 (Census ACS) above, at, or below FMR?

• Below: The market rent of $830 is below the FMR of $1050. This indicates that Section 8 tenants can pay more than what the average market rent is, potentially making the investment more attractive due to higher guaranteed income.
• At or Above: If the market rent were equal to or above the FMR, it would suggest that the local rental market already meets or exceeds the government-set rates, reducing the advantage of focusing solely on Section 8 tenants.

3) Are 21.3% renters + N/A-day DOM enough demand?

• It Depends: In ZIP 43044, 21.3% of residents are renters. The Days on Market (DOM) is listed as N/A, which means there isn't enough data to determine how quickly properties are being rented out. If the percentage of renters is high and the DOM is low, there is likely sufficient demand for rental properties. However, without specific DOM data, it's challenging to make a definitive assessment. You'll need to consider other factors such as vacancy rates and competition in the local rental market.

In summary, if your debt service is less than $1050 per month, and you're comfortable with the current demand indicators, ZIP 43044 could be a viable option for a Section 8 investment. However, the lack of DOM data requires further investigation into the local rental market conditions.

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.