Section 8 Fair Market Rent (FMR) for ZIP 43223 - 2027
Location: Columbus, OH | Metro: Columbus, OH HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,130 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$46,911
Housing Authorities Serving ZIP 43223
To decide whether you should buy in ZIP 43223 (Columbus, OH) for Section 8 investments, follow this decision tree:
- Does FMR $1130 (zip FY 2024) clear debt service on a $165,992 property?
- If yes: The Fair Market Rent (FMR) of $1130 is sufficient to cover the debt service on a property valued at $165,992. This means that the rental income would meet the mortgage payments and other financial obligations.
- If no: The FMR of $1130 is insufficient to cover the debt service on a property priced at $165,992. This would result in a financial loss over time, making it unwise to invest in this area based solely on Section 8 income.
- Is market rent $1,423 (ZORI) above, at, or below FMR?
- If market rent is above FMR: The Zillow Observed Rental Index (ZORI) of $1423 is higher than the FMR of $1130. This indicates a healthy market where properties could be rented out for more than the Section 8 rate, providing additional income opportunities.
- If market rent is at FMR: The ZORI of $1423 is equal to the FMR of $1130, which suggests that the market is balanced but does not offer any premium over the FMR for non-Section 8 tenants.
- If market rent is below FMR: The ZORI of $1423 is lower than the FMR of $1130, which is unlikely given the figures provided. In such an improbable scenario, the market would be underperforming compared to the FMR, leading to potential difficulties in attracting tenants outside of the Section 8 program.
- Are 55.7% renters + 27-day DOM enough demand?
- If demand is high: With 55.7% of the population being renters and an average Days on Market (DOM) of 27 days, there is a strong indication of high demand. This makes ZIP 43223 attractive for investment, as properties are likely to be occupied quickly.
- If demand is moderate: A DOM of 27 days suggests moderate demand, but the 55.7% rental rate still points towards a stable tenant base. This balance might require careful management but can still be profitable.
- If demand is low: If the DOM were significantly higher than 27 days, it would indicate low demand. However, with the current data, this branch does not apply as the DOM figure is relatively low.
Conclusion: If the FMR of $1130 clears the debt service on a $165,992 property and the market rent ($1,423) is above the FMR, combined with a DOM of 27 days and 55.7% renters, the answer is yes. ZIP 43223 presents a viable opportunity for Section 8 investments due to its ability to support financial obligations and a robust rental market.
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.