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 | $1,550 |
| 1 Bedroom | $1,660 |
| 2 Bedrooms | $1,970 |
| 3 Bedrooms | $2,350 |
| 4 Bedrooms | $2,670 |
| 5 Bedrooms | $3,097 |
| 6 Bedrooms | $3,469 |
| 7 Bedrooms | $3,747 |
| 8 Bedrooms | $3,934 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,660 | $171,822 | 0.97% | C |
| 2BR | $1,970 | $270,626 | 0.73% | D |
| 3BR | $2,350 | $460,591 | 0.51% | F |
| 4BR | $2,670 | $720,959 | 0.37% | F |
| 5BR | $3,097 | $1,240,668 | 0.25% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 43221, Upper Arlington, OH, does not align favorably for Section 8 landlords. The Federal Market Rent (FMR) for the area is set at $1590 for FY 2024, which is significantly lower than the market rent, measured at $2,095 according to ZORI (Zillow Observed Rental Index). This discrepancy means that landlords will receive less than the average market rent, potentially leading to reduced profit margins.
Acquisition of properties in this ZIP code is relatively affordable. With a median home value of $459,664, purchasing a property here is within reach for many investors. The low days on market (DOM) of 6 days and a minimal price-cut share of 0.2% suggest that homes are selling quickly without significant reductions, indicating a stable and somewhat competitive market for property acquisition.
Tenant demand in Upper Arlington is moderate. The ZIP code has a population of 35,293, with 30.8% of residents being renters. This translates to approximately 10,887 potential tenants, a substantial pool but one that might be limited compared to more densely populated areas. Given the high median home value, it's likely that many of these renters are seeking affordable housing options, which could align well with Section 8 tenants.
In conclusion, while the acquisition cost and quick sales indicate a positive aspect for investors, the disparity between the FMR and market rent suggests that the financial returns may be lower than in other markets. However, the presence of a sizeable tenant base makes Upper Arlington a viable option for those willing to accept potentially lower rental income in exchange for a stable investment environment.
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.