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 | $920 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,210 | $183,717 | 0.66% | D |
| 3BR | $1,440 | $278,337 | 0.52% | F |
| 4BR | $1,590 | $339,336 | 0.47% | F |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $1220 for ZIP code 43342 in Prospect, OH, landlords can expect to receive this amount for Section 8 vouchers in fiscal year 2024. The Census ACS reports a market rent of $950, indicating that properties eligible for Section 8 funding are priced above average market rates. This could be advantageous for landlords looking to secure higher rental incomes. The median home value in the area is $262,391, suggesting a relatively stable housing market. However, the renter share stands at 11.8%, which is lower than many other areas, potentially reducing the pool of tenants interested in Section 8 properties. The median income of $84,803 provides insight into the financial stability of potential tenants, though it's important to note that the typical Section 8 household earns below this median. Unfortunately, data on the average days on market (DOM) and the percentage of homes that have been price-cut is not available, making it challenging to assess the speed and ease of finding tenants. Despite these limitations, the combination of a high FMR and a stable median home value makes ZIP 43342 a viable option for landlords considering participation in the Section 8 program.
The discrepancy between the FMR and the market rent suggests that landlords who participate in Section 8 could benefit from a higher guaranteed income compared to what they might receive in the open market. This is particularly significant given the low renter share, as it means fewer competing rental units in the area. While the median income figure indicates a generally healthy economic environment, the lower renter share implies that there may be less competition from non-subsidized rentals, making the Section 8 program an attractive choice for filling vacancies. Given the data available, landlords should consider the opportunity to receive a steady $1220 per month in rental income, which is above the average market rate, and the potential for long-term, stable tenancy. The verdict on Section 8 for ZIP 43342 is positive, offering a reliable income source above the local market average.
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.