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 | $1,300 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $1,970 |
| 4 Bedrooms | $2,240 |
| 5 Bedrooms | $2,598 |
| 6 Bedrooms | $2,910 |
| 7 Bedrooms | $3,143 |
| 8 Bedrooms | $3,300 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,390 | $141,654 | 0.98% | C |
| 2BR | $1,650 | $194,609 | 0.85% | C |
| 3BR | $1,970 | $475,615 | 0.41% | F |
| 4BR | $2,240 | $741,150 | 0.3% | F |
| 5BR | $2,598 | $1,034,578 | 0.25% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 43220, Upper Arlington, OH, does not align perfectly but offers a reasonable opportunity. The HUD Fair Market Rent (FMR) for the area is set at $1390 for fiscal year 2024. However, the actual market rent, as indicated by ZORI, stands at $1,328. This suggests that while properties might be rented below the FMR, they still command a competitive rate within the market.
Acquisition in this area is moderately affordable. The median home value is $364,461, which is within reach for many small-portfolio investors. The average Days on Market (DOM) is 4 days, indicating a brisk pace of sales, and only 0.2% of homes have been listed with a price cut, suggesting strong seller's confidence and minimal negotiation room.
Tenant demand is robust in ZIP 43220. With a population of 28,792 and a renter share of 49.3%, there are approximately 14,166 renters actively seeking housing. This high demand supports the viability of rental investments in the area.
Verdict: ZIP 43220 presents a balanced investment scenario for landlords and small-portfolio investors. Although the market rent is slightly below the HUD FMR, it remains competitive. Acquisition costs are manageable, and the quick turnover and low price-cut share indicate a favorable seller's market. The significant number of renters ensures steady demand for rental properties, making Upper Arlington a promising location for real estate investment.
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.