Section 8 Fair Market Rent (FMR) for ZIP 43229 - 2027

Investment Score for ZIP 43229

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	$1,160
1 Bedroom	$1,240
2 Bedrooms	$1,480
3 Bedrooms	$1,760
4 Bedrooms	$2,010
5 Bedrooms	$2,332
6 Bedrooms	$2,612
7 Bedrooms	$2,821
8 Bedrooms	$2,962

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,480	$147,392	1%	B
3BR	$1,760	$278,526	0.63%	D
4BR	$2,010	$319,168	0.63%	D
5BR	$2,332	$348,128	0.67%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 43229 (Columbus, OH) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 43229 in Columbus, Ohio, are set by HUD for 2026. For a two-bedroom unit, the FMR is $1300, which represents 27.1% of the median household income in the area. However, the actual rental prices in the market are significantly higher. According to Zillow, the median price for a two-bedroom property is $146,974, which translates into a monthly rent of approximately $1,141 based on typical mortgage rates and property values. This means that the actual rent for a two-bedroom unit would likely be higher due to market demand and other factors. The price-to-FMR ratio of 9.4x indicates that the market rent is nearly nine times the FMR, suggesting that voucher holders face significant challenges in finding affordable housing within the limits of their vouchers. #### Affordability & Renter Profile ZIP code 43229 has a population of 55,020, with 58.1% of residents being renters. The occupancy rate stands at 93.7%, indicating a relatively tight rental market. Given the median household income of $57,561, the majority of renters are likely to be low-income families who rely heavily on assistance programs like Section 8. The high percentage of renters and the occupancy rate suggest that there is strong demand for rental properties, but the affordability gap is substantial. With the FMR for a two-bedroom unit being only $1300, it is clear that many renters struggle to find housing that fits within their budget without assistance. #### Investor Angle From an investor perspective, the ZIP code 43229 offers a mixed outlook. While the rental market is tight and there is a high demand for units, the FMR levels are considerably lower than what the market can bear. For instance, a two-bedroom unit priced at the FMR of $1300 would likely be below market value, potentially leading to cash flow issues if the property is valued higher. The median home price for a two-bedroom unit is $146,974, which implies a monthly mortgage payment of around $1,141, not including taxes, insurance, and maintenance costs. Therefore, even if the property is rented at the FMR, the investor might still face negative cash flow. The investment grade for this ZIP code is moderate to low. The high price-to-FMR ratio suggests that the market is not aligned with the FMR, making it challenging for investors to find a balance between market rent and FMR. Additionally, the high percentage of renters and the tight market indicate that while there is demand, the supply of affordable units is limited. #### Specific Actionable Insights 1. **Focus on Affordable Units**: Investors should focus on acquiring properties that are closer to the FMR levels. A two-bedroom unit priced at $1300 or slightly above could attract a steady stream of tenants using Section 8 vouchers. This strategy would mitigate the risk of negative cash flow and ensure a stable tenant base. 2. **Consider Multi-Family Properties**: Given the high renter percentage and the tight market, multi-family properties could be a better investment option. These properties can offer economies of scale and potentially higher occupancy rates, which can help offset the lower FMR-based rents. 3. **Government Programs and Subsidies**: Engage with local government programs and subsidies designed to support affordable housing. These initiatives can provide additional financial benefits and make the investment more viable. #### Bottom Line For Section 8-focused investors, the ZIP code 43229 presents a challenging environment due to the high price-to-FMR ratio and the tight rental market. The recommendation is to **Skip** this ZIP code unless you can secure properties that are significantly below market value and closer to the FMR levels. If you do invest, consider focusing on affordable units and multi-family properties to maximize your chances of positive cash flow and stable tenancy.

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.