Location: Columbus, OH | Metro: Columbus, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,190 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $1,810 |
| 4 Bedrooms | $2,060 |
| 5 Bedrooms | $2,390 |
| 6 Bedrooms | $2,677 |
| 7 Bedrooms | $2,891 |
| 8 Bedrooms | $3,036 |
U.S. Census Bureau data (2024)
The rent math in ZIP code 43217, located within the Columbus, OH HUD Metro FMR Area, does not align favorably for landlords. The Fair Market Rent (FMR) set at $1180 for FY 2024 is notably lower than the market rent of $1,287 as reported by the Census ACS. This discrepancy means that landlords aiming to meet market rates will not be fully reimbursed by the Section 8 program, leading to a potential loss of income.
Acquisition of properties in this area remains relatively affordable, with a median home value of $98,683. However, the lack of data on days on market (DOM) and the percentage of homes sold at a discount suggests that the local real estate market may have some uncertainties. Without these metrics, it's difficult to assess the typical timeframe for property acquisition or the likelihood of negotiating lower purchase prices.
Tenant demand is robust in ZIP 43217, with a total population of 2,091 and a significant 92.0% of residents being renters. This high rental rate indicates a strong interest in leasing properties, which can be beneficial for landlords willing to participate in the Section 8 program despite the lower reimbursement rates.
In summary, while the acquisition cost of properties in ZIP 43217 is reasonable, the mismatch between the FMR and market rent could result in financial strain for landlords. Despite this, the high tenant demand ensures that there is a steady pool of potential Section 8 participants, making the area viable but challenging for investment. Landlords must weigh the benefits of a guaranteed tenant base against the reduced rental income to determine if this ZIP code aligns with their investment strategy.
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.