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 | $1,500 |
| 1 Bedroom | $1,600 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,280 |
| 4 Bedrooms | $2,590 |
| 5 Bedrooms | $3,004 |
| 6 Bedrooms | $3,364 |
| 7 Bedrooms | $3,633 |
| 8 Bedrooms | $3,815 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,910 | $234,666 | 0.81% | C |
| 3BR | $2,280 | $369,183 | 0.62% | D |
| 4BR | $2,590 | $453,143 | 0.57% | F |
U.S. Census Bureau data (2024)
The ZIP code 43240, located in Columbus, OH, falls within the Columbus, OH HUD Metro FMR Area. Its Fair Market Rent (FMR) for FY 2024 is set at $1610, which is higher than the market rent of $1,494. This indicates that while the government's estimate for affordable rental rates is slightly above what the market currently offers, it still provides a reasonable margin for landlords participating in the Section 8 program.
The median home value in ZIP 43240 stands at $335,334, which is a significant figure for assessing property investment. When compared to other ZIP codes within the Columbus, OH HUD Metro FMR Area, this home value suggests that 43240 is positioned as a mid-tier neighborhood. It is neither among the most expensive nor the least expensive areas, providing a balanced opportunity for both investment and rental income.
A notable aspect of ZIP 43240 is its renter share, which is 71.8%. This high percentage of renters indicates a strong demand for rental properties in the area. Given the combination of a high renter share and a home value that is below the premium level but above average for the metro, ZIP 43240 could be considered a sweet spot for Section 8 participation. The high renter share suggests that there are many potential tenants who might benefit from the Section 8 program, while the home value being lower than some premium markets means that the initial investment cost for landlords could be more manageable.
To further contextualize, let's examine how these figures compare to the broader Columbus, OH HUD Metro FMR Area. A typical ZIP code within this area has an FMR around $1610, a market rent closer to $1,400, and a home value ranging widely depending on the specific location and amenities. The 71.8% renter share is notably high, indicating a robust rental market. This divergence—high renter share with below-premium home values—suggests that 43240 is indeed a value pocket within its metro, offering a favorable balance between investment costs and rental demand.
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.