Section 8 Fair Market Rent (FMR) for ZIP 43195 - 2027

FY 2027 Fair Market Rent Rates

The economics of Section 8 in ZIP code 43195, located in Columbus County, Ohio, revolve around the SAFMR (Small Area Fair Market Rent) which is specifically tailored for this ZIP code. For fiscal year 2024, the SAFMR for a two-bedroom apartment is set at $1320. This figure represents the maximum amount that the housing authority will pay on behalf of a tenant who receives a Section 8 voucher.

To understand how this impacts landlords, it's essential to break down the components of the voucher payment. A tenant using a Section 8 voucher is typically responsible for paying 30% of their adjusted income towards rent. The remaining balance up to the SAFMR is covered by the government. Additionally, there are utility allowances that can vary but are generally included in the total compensation package.

Let's assume a hypothetical scenario where a tenant's portion of the rent is $396 (30% of an income that would result in this contribution), and the utility allowance is $200. In this case, the total reimbursement from the housing authority would be $1320, which includes both the rent subsidy and the utility allowance. Therefore, the landlord would receive $396 directly from the tenant and $1024 from the government, summing up to the full SAFMR of $1320.

However, the local market rent for a two-bedroom apartment in ZIP 43195 is currently unavailable. This makes it challenging to provide a precise comparison between the SAFMR and the actual market rates. If the local market rent were higher than the SAFMR, landlords would face a shortfall, needing to cover the difference themselves. Conversely, if the market rent is lower, landlords might see a surplus.

In summary, for a two-bedroom apartment in ZIP 43195, the government will reimburse up to $1320 per month under the Section 8 program. Landlords must ensure that their rental costs, including utilities, do not exceed this amount to avoid financial loss. Given the lack of specific market rent data, it's impossible to quantify the exact gap or surplus landlords might encounter. However, understanding the SAFMR and how it interacts with tenant contributions and utility allowances is crucial for managing expectations and setting rental agreements that comply with Section 8 requirements.

Data Sources: FMR data from HUD (2027).

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.