Location: Columbus, OH | Metro: Columbus, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,810 |
| 1 Bedroom | $1,930 |
| 2 Bedrooms | $2,300 |
| 3 Bedrooms | $2,740 |
| 4 Bedrooms | $3,120 |
| 5 Bedrooms | $3,619 |
| 6 Bedrooms | $4,053 |
| 7 Bedrooms | $4,377 |
| 8 Bedrooms | $4,596 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 43054, which encompasses New Albany, OH, in Franklin County, revolve around the SAFMR (Small Area Fair Market Rent) set specifically for this ZIP code. For a two-bedroom apartment, the SAFMR for FY 2024 is $1800. However, it's important to note that the local market rent, measured by ZORI (Zillow Observed Rent Index), stands at $1632. This discrepancy highlights the financial dynamics landlords face when participating in the Section 8 program.
A Section 8 voucher does not cover the entire rent amount; rather, it reimburses the landlord for the difference between the tenant's contribution and the rent. The tenant's portion is typically 30% of their adjusted income. If we assume an average adjusted income for a family eligible for Section 8, let's say $20,000 annually, the monthly contribution would be $500. This figure can vary based on individual circumstances but serves as a reasonable benchmark.
In addition to the tenant's payment, landlords receive utility allowances. These allowances can significantly impact the total reimbursement received. For instance, if the utility allowance for a two-bedroom apartment in ZIP 43054 is $300 per month, then the total reimbursement from the voucher program would be $800 ($500 from the tenant plus $300 for utilities).
To calculate the reimbursement gap or surplus, subtract the total voucher reimbursement from the market rent. In this case, using the ZORI of $1632, the landlord would receive $832 less than the market rent if they charge the full ZORI amount. However, if the landlord charges the SAFMR rate of $1800, the reimbursement gap widens to $968. This means that landlords charging the SAFMR rate would need to cover a larger portion of the rent out-of-pocket, while those charging the ZORI rate would still have a gap but a smaller one.
Therefore, in ZIP 43054, landlords who participate in the Section 8 program should expect a reimbursement gap when renting a two-bedroom unit at the ZORI rate. This gap amounts to $832 per month. At the SAFMR rate, the gap increases to $968 per month. These figures provide a clear picture of the financial realities landlords face when considering Section 8 participation.
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.