Location: Wyandot County, OH | Metro: Hancock County, OH
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 | $790 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,040 | $141,036 | 0.74% | D |
| 3BR | $1,340 | $198,409 | 0.68% | D |
| 4BR | $1,530 | $232,099 | 0.66% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 43316, which encompasses Carey, OH, and parts of Wyandot County, are defined by the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment set at $1,050 per month for fiscal year 2026. This figure represents the maximum amount that the Housing Choice Voucher program will pay for a unit in this specific ZIP code. In contrast, the local market rent for a similar unit averages $833 according to Census ACS data.
A landlord participating in the Section 8 program receives a subsidy based on the SAFMR minus the tenant's contribution. The tenant's portion is generally 30% of their adjusted income, which can vary widely depending on the individual's financial situation. For instance, if a tenant has an adjusted income of $2,000 per month, they would contribute $600 towards rent. The remaining amount is covered by the voucher, up to the SAFMR limit.
In ZIP 43316, the typical reimbursement to a landlord from the voucher program would be calculated as follows:
To illustrate, if a tenant contributes $600 and the utility allowance is $250, the total reimbursement to the landlord would be $850. Given that the local market rent is $833, landlords would see a slight surplus of $17 per month when renting to a Section 8 tenant under these conditions. However, it’s important to note that the tenant contribution can fluctuate, leading to varying surpluses or gaps.
Landlords should be aware that the reimbursement mechanism aims to ensure affordability for tenants while covering the rent for landlords. If the market rent is below the SAFMR, landlords can expect a small surplus, as demonstrated above. Conversely, if the market rent exceeds the SAFMR, landlords might face a shortfall, though this scenario does not apply to ZIP 43316 where the market rent is lower than the SAFMR.
In ZIP 43316, the typical reimbursement gap or surplus for a two-bedroom apartment is a surplus of approximately $17 per month, assuming average utility allowances and a standard 30% tenant contribution.
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.