Section 8 Fair Market Rent (FMR) for ZIP 43228 - 2027

Investment Score for ZIP 43228

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	$1,190
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

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	$1,280	$125,980	1.02%	B
2BR	$1,520	$166,783	0.91%	C
3BR	$1,810	$259,116	0.7%	D
4BR	$2,060	$347,546	0.59%	F
5BR	$2,390	$345,850	0.69%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 43228 (Lincoln Village, OH) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 43228 in 2026 is set at $1350 for a two-bedroom unit. This amount represents 26.3% of the median household income in the area, which stands at $61,713. However, the actual rental market prices significantly exceed these FMRs. For instance, the Zillow median price for a two-bedroom home is $167,633, indicating that the average rent for such a property would be much higher than the FMR. The price-to-FMR ratio of 10.3x suggests that landlords are likely charging well above the FMR levels, which can create significant constraints for voucher holders. They might struggle to find units that accept their vouchers due to the high cost of renting in the area. #### Affordability & Renter Profile With 55.8% of the population being renters, Lincoln Village has a substantial demand for rental properties. The occupancy rate of 94.1% indicates that the rental market is quite tight, with very few vacant units available. Given the median household income of $61,713, the affordability of housing is a critical issue. The FMR for a two-bedroom unit at $1350 is already a significant portion of the median income, making it challenging for many residents to afford decent housing without assistance. The high percentage of renters and the tight market suggest that there is a strong need for affordable housing options, particularly for low-income families who rely on Section 8 vouchers. #### Investor Angle From an investor's perspective, the ZIP code 43228 presents both opportunities and challenges. The FMR for a two-bedroom unit is $1350, but the actual rental prices are much higher, with the Zillow median suggesting an average rent closer to $167,633. This discrepancy means that landlords who accept Section 8 vouchers will likely face lower cash flows compared to those who do not. However, the tight market and high occupancy rates indicate that there is a steady demand for rental properties, which could still make accepting vouchers a viable option for some investors. To assess the investment grade, we must consider the potential returns and risks. While the high occupancy rates suggest a stable tenant base, the low FMR relative to actual rents means that investors accepting vouchers will have to manage their properties carefully to ensure profitability. The price-to-FMR ratio of 10.3x also implies that there is considerable room for appreciation if the market continues to grow, but this growth must be balanced against the operational costs and the likelihood of finding tenants willing to pay the higher rents. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should focus on smaller units, such as one-bedroom or studio apartments, where the gap between FMR and actual rents is less pronounced. For example, the FMR for a one-bedroom unit is $1130, which is still a significant portion of the median income but may be more manageable for voucher holders. 2. **Consider Location-Specific Strategies**: Within ZIP code 43228, certain neighborhoods may offer better opportunities for cash flow-positive investments. Investors should conduct detailed neighborhood analyses to identify areas where rents are closer to the FMR. Additionally, targeting areas with a higher concentration of low-income households could increase the chances of finding suitable tenants. 3. **Leverage Property Management Services**: Due to the tight market and the challenges associated with managing properties that accept Section 8 vouchers, investors should consider using professional property management services. These services can help navigate the complexities of voucher programs and ensure that properties remain occupied and well-maintained. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 43228 is **Hold**. While the market is tight and there is a high demand for rental properties, the significant gap between FMR and actual rents makes it difficult to achieve positive cash flow without additional strategies. Investors should carefully evaluate their portfolio mix and consider focusing on smaller units or leveraging property management services to maximize their returns while maintaining compliance with voucher programs.

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.