Section 8 Fair Market Rent (FMR) for ZIP 43147 - 2027

Investment Score for ZIP 43147

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	$1,600
1 Bedroom	$1,710
2 Bedrooms	$2,040
3 Bedrooms	$2,430
4 Bedrooms	$2,770
5 Bedrooms	$3,213
6 Bedrooms	$3,599
7 Bedrooms	$3,887
8 Bedrooms	$4,081

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,040	$244,568	0.83%	C
3BR	$2,430	$371,392	0.65%	D
4BR	$2,770	$446,514	0.62%	D
5BR	$3,213	$566,107	0.57%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 43147 (Pickerington, OH) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 43147 in Pickerington, Ohio, indicate that a two-bedroom rental unit is priced at $1830 per month. This figure represents 17.4% of the median household income in the area, which stands at $126,534. For voucher holders, the FMR serves as the maximum amount they can be reimbursed by the government for rent. However, the actual rents in the area may exceed these FMRs, leading to potential constraints for voucher holders who might struggle to find units within their budget. #### Affordability & Renter Profile With a renter population of 15.2%, it is clear that a significant portion of the residents in Pickerington are renters. The occupancy rate of 95.6% suggests that the housing market is relatively tight, indicating strong demand for rental properties. Given the high median household income, the typical renter profile likely includes individuals or families with higher-than-average earnings, possibly employed in professional or managerial roles. The affordability of rental units is a critical issue, especially when considering the price-to-FMR ratio of 11.5x for a two-bedroom unit. This means that the median home value of a two-bedroom property is $252,574, which is significantly higher than the FMR. This disparity makes it challenging for low-income households to secure affordable housing, particularly those relying on Section 8 vouchers. #### Investor Angle From an investor perspective, the ZIP code 43147 offers a mixed picture regarding cash flow and investment grade. The FMR for a two-bedroom unit is $1830, but the median home value for such a unit is $252,574. This high price-to-FMR ratio indicates that the cost of acquiring rental properties is quite steep relative to the rent that can be charged under the Section 8 program. Therefore, investors focusing solely on Section 8 vouchers would face challenges in achieving positive cash flow due to the high acquisition costs and limited rental income. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should consider focusing on smaller units such as one-bedroom or studio apartments. The FMR for a one-bedroom unit is $1530, which is lower than the two-bedroom FMR. This could potentially provide better cash flow opportunities if the acquisition costs are proportionally lower. 2. **Consider Non-Section 8 Rentals**: Due to the high median home value and limited rental income from Section 8 vouchers, investors might want to explore non-Section 8 rentals. This would allow them to charge market rates, which are significantly higher than the FMR. For instance, a two-bedroom unit has a median home value of $252,574, suggesting that market rents could be much higher than the FMR of $1830. #### Bottom Line For investors focused specifically on Section 8 vouchers, the ZIP code 43147 presents a challenging environment due to the high price-to-FMR ratio and the tight housing market. The recommendation for such investors is to **Skip** this ZIP code unless they can identify smaller units or areas where the acquisition costs are more aligned with the FMR. Investors looking to diversify their portfolio or willing to consider non-Section 8 rentals may find more favorable conditions in this market, but they must be prepared to navigate a competitive landscape with higher acquisition costs. --- This analysis provides a comprehensive overview of the rental market dynamics in ZIP code 43147, highlighting the challenges and opportunities for both voucher holders and investors. The high median income and tight occupancy rate suggest a robust demand for rental properties, but the high price-to-FMR ratio poses significant hurdles for those relying solely on Section 8 vouchers.

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.