Section 8 Fair Market Rent (FMR) for ZIP 43140 - 2027

Location: Springfield, OH | Metro: Columbus, OH HUD Metro FMR Area

Investment Score for ZIP 43140

Monthly Rent (2BR)

$1,260

Median Price (2BR)

$231,938

1% Rule

0.54%

Annual Yield

6.52%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$990
1 Bedroom	$1,060
2 Bedrooms	$1,260
3 Bedrooms	$1,500
4 Bedrooms	$1,710
5 Bedrooms	$1,984
6 Bedrooms	$2,222
7 Bedrooms	$2,400
8 Bedrooms	$2,520

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,260	$231,938	0.54%	F
3BR	$1,500	$312,961	0.48%	F
4BR	$1,710	$403,810	0.42%	F
5BR	$1,984	$485,694	0.41%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

24,237

Median Household Income

$83,644

Housing Units

8,704

Renter Percentage

27.0%

Occupancy Rate

93.9%

Renter Occupied

2,210

The economics of Section 8 housing in ZIP code 43140, located in London, Ohio, within Madison 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 $1130. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards a tenant's rent in this particular area.

However, the local market rent for a two-bedroom unit, according to the Census ACS, is $918. This lower market rent indicates that landlords in ZIP 43140 might find themselves in a position where the SAFMR exceeds the average rental price.

To understand how much a landlord can expect to receive from a voucher, consider the following breakdown:

The voucher pays up to $1130 per month, which is the SAFMR for the area.
Tenants typically contribute 30% of their adjusted income toward rent. If the tenant’s adjusted income is $1000, they would contribute $300.
Utility allowances are also provided, but these vary based on the tenant's actual utility costs and cannot exceed the maximum allowance set by the local housing authority.

In ZIP 43140, the SAFMR of $1130 is higher than the local market rent of $918. This means that if a landlord charges the market rent, the voucher will cover the entire rent amount, leaving no reimbursement gap for the landlord. In fact, it creates a surplus for landlords who charge below the SAFMR, as they can potentially collect the full SAFMR amount from the voucher program even if the market rent is lower.

The typical reimbursement gap or surplus for a two-bedroom unit in ZIP 43140 is a surplus of $212 per month, assuming the landlord charges the market rent of $918. This surplus occurs because the voucher program will pay up to $1130, and the tenant contributes an additional $300 (or their 30% of adjusted income), ensuring the landlord receives the full market rent without any financial loss.

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.