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 | $1,350 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,720 |
| 3 Bedrooms | $2,050 |
| 4 Bedrooms | $2,330 |
| 5 Bedrooms | $2,703 |
| 6 Bedrooms | $3,027 |
| 7 Bedrooms | $3,269 |
| 8 Bedrooms | $3,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,720 | $233,342 | 0.74% | D |
| 3BR | $2,050 | $301,056 | 0.68% | D |
| 4BR | $2,330 | $364,419 | 0.64% | D |
| 5BR | $2,703 | $470,071 | 0.58% | F |
U.S. Census Bureau data (2024)
The dynamics of ZIP 43119, located in Galloway, OH, reveal a market in motion, driven by the interplay between rental and ownership sectors. The Fair Market Rent (FMR) for the area stands at $1360 for the fiscal year 2024, while the actual market rent, as indicated by Zillow's Observed Rental Index (ZORI), is higher at $1,819. This suggests that the rental market is robust, with rents exceeding government-set fair market levels, indicative of strong demand.
The low price-cut share of 0.2% and a short days on market (DOM) of 15 days point towards a seller's market in the homeownership segment. Homes are selling quickly without significant price reductions, suggesting that demand for homes in Galloway is currently outpacing supply. The median home value of $307,738 further underscores the affordability and attractiveness of the area to potential buyers.
Arenter share of 25.9% in Galloway indicates a substantial portion of the population relies on rental housing. This high percentage can be seen as a long-term indicator of housing pressure, as it suggests a persistent demand for rental properties. Landlords and small-portfolio investors should consider this a positive sign, as it implies a steady base of renters who may find the area appealing due to its overall affordability and potentially better rental conditions compared to other markets.
In summary, ZIP 43119 presents a market where demand appears to outpace supply, both in the rental and homeownership segments. The rental market is strong, with high rents reflecting robust tenant interest, while the homeownership market shows signs of quick sales and limited need for price adjustments. The significant renter share highlights a continued pressure on the housing market, favoring those who can provide rental units.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.