Location: Columbus, OH | Metro: Columbus, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
U.S. Census Bureau data (2024)
The median income in ZIP code 43071, Saint Louisville, OH, stands at $78,824. Given the market rate rent of $639 per month, it might initially seem that households could comfortably afford housing costs. However, when considering the Fair Market Rent (FMR) set at $1090 for zip FY 2024, the picture becomes less clear. This higher FMR reflects what the government deems a reasonable rent for a typical unit, which is significantly above the current market rate.
To put this into perspective, the median income suggests that a household should aim to spend no more than 30% of their income on rent. At $78,824 annually, this equates to approximately $1,970 monthly. Thus, spending $639 on rent would be feasible, leaving ample room for other expenses. However, the disparity between the market rate ($639) and the FMR ($1090) indicates a significant gap in what renters can afford versus what landlords might expect to receive through government vouchers.
In ZIP 43071, only 12.9% of the 2,371 residents are renters, indicating a relatively low demand for rental properties. This low percentage of renters coupled with a population of just over 2,300 suggests limited competition among landlords. However, the challenge lies in attracting tenants who can either afford the higher FMR rates through vouchers or find a way to pay the lower market rate without assistance.
The takeaway for landlords is clear: there is a choice to be made between accepting lower rents from cash-paying tenants or waiting for voucher holders who can pay closer to the FMR but may require additional paperwork and administrative overhead. Landlords should weigh the benefits of steady, government-backed payments against the potential for higher occupancy rates with cash-paying tenants willing to pay the market rate.
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.