Location: Marion County, 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 | $970 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,240 | $219,094 | 0.57% | F |
| 3BR | $1,470 | $301,397 | 0.49% | F |
| 4BR | $1,670 | $371,920 | 0.45% | F |
U.S. Census Bureau data (2024)
Cardington, OH, located in ZIP code 43315, is a small town neighborhood with a total population of 6,873. Only 18.4% of residents are renters, indicating a predominantly owner-occupied community. The median household income here is $73,770, reflecting a middle-class area where residents have stable financial footing. The median home value stands at $270,110, suggesting that homes in this region are moderately priced, making it an attractive location for both homeowners and potential investors.
Moving into the economic analysis of rental properties, the Fair Market Rent (FMR) for ZIP code 43315 in fiscal year 2024 is set at $1,080. This figure is notably higher than the current market rent of $934, as reported by the Census Bureau's American Community Survey (ACS). This discrepancy presents an opportunity for investors to potentially charge higher rents through participation in the Section 8 program, which could lead to increased cash flow and profitability.
The question then arises: is this place suitable for a hands-off voucher operator or a hands-on value-add buyer? Given the relatively low percentage of renters and the moderate median home value, hands-off operators might find limited opportunities due to the smaller pool of tenants eligible for the Section 8 program. However, for hands-on value-add buyers, there is room to improve property values and attract more renters, thereby increasing the number of potential Section 8 participants. These investors can leverage the higher FMR to justify renovations and improvements, ultimately raising the overall rental rates in the area.
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.