Section 8 Fair Market Rent (FMR) for ZIP 43224 - 2027

Investment Score for ZIP 43224

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,060
1 Bedroom	$1,130
2 Bedrooms	$1,350
3 Bedrooms	$1,610
4 Bedrooms	$1,830
5 Bedrooms	$2,123
6 Bedrooms	$2,378
7 Bedrooms	$2,568
8 Bedrooms	$2,696

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,130	$99,185	1.14%	B
2BR	$1,350	$153,906	0.88%	C
3BR	$1,610	$209,544	0.77%	D
4BR	$1,830	$250,740	0.73%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 43224 (Columbus, OH) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 43224 in Columbus, OH, for 2026 is set at $1190 for a two-bedroom unit. This figure represents 26.8% of the median household income of $53,321 in the area. However, the actual rental market in 43224 is significantly higher. The Zillow median price for a two-bedroom home is $151,982, which translates into a monthly rent that would be much higher than the FMR. Given the price-to-FMR ratio of 10.6x, it suggests that actual rents are likely around $12,634 annually or approximately $1,053 per month for a two-bedroom unit. This means that the actual rents are about $63 above the FMR, creating a constraint for voucher holders who can only pay up to the FMR rate. #### Affordability & Renter Profile ZIP code 43224 has a population of 44,319, with 47.8% of residents being renters. This indicates a significant demand for rental properties, especially among low-income households. The occupancy rate of 91.5% suggests that the rental market is relatively tight, with most units occupied. The median household income of $53,321 places many residents in a lower-middle-income bracket, making affordability a key issue. With the FMR for a two-bedroom unit being $1190, which is already a substantial portion of the median income, renters face considerable financial pressure. This tight market condition implies that there is little room for new entrants unless they can offer competitive rents or amenities. #### Investor Angle From an investor perspective, the ZIP code 43224 presents a mixed picture. While the rental market is tight, the actual rents are higher than the FMR rates. For instance, a two-bedroom unit would typically rent for $1,053 per month, but the FMR allows only up to $1190. This means that landlords participating in the Section 8 program will receive less than the market rate, potentially leading to negative cash flow if expenses exceed the FMR payments. The investment grade for this ZIP code would be considered moderate due to the high demand but also the potential for reduced profitability when compared to non-Section 8 rentals. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given that the FMR for a one-bedroom unit is $990, which is still below the typical market rate, investors might consider focusing on smaller units where the gap between FMR and market rent is less pronounced. This could help mitigate some of the financial pressures associated with renting exclusively to Section 8 voucher holders. 2. **Improve Property Value**: Investors should look to improve the value of their properties through renovations or upgrades to attract tenants willing to pay closer to market rates. This could include adding modern appliances, improving insulation, or enhancing the exterior appearance of the property. By doing so, they can command higher rents while still staying within the FMR guidelines. 3. **Consider Mixed Tenancy**: To balance the financial risks, investors might consider a mixed tenancy approach where some units are rented to Section 8 voucher holders and others to market-rate tenants. This strategy can help stabilize cash flow and reduce the impact of lower rents on overall profitability. #### Bottom Line For Section 8-focused investors, the ZIP code 43224 presents a challenging environment due to the high actual rents compared to the FMR. The recommendation would be to **Skip** this market unless you can find ways to offset the financial constraints, such as by focusing on smaller units or implementing a mixed tenancy model. The tight market conditions and high demand make it attractive, but the financial realities suggest that it may not be the best choice for those strictly relying on Section 8 vouchers for rental income.

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.