Location: Toledo, OH | Metro: Toledo, OH MSA
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 | $840 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,490 |
| 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 | $1,170 | $207,206 | 0.56% | F |
| 3BR | $1,490 | $272,484 | 0.55% | F |
| 4BR | $1,590 | $343,444 | 0.46% | F |
| 5BR | $1,844 | $372,839 | 0.49% | F |
U.S. Census Bureau data (2024)
The ZIP code 43402, located in Bowling Green, OH, presents a nuanced rental market scenario for both tenants and landlords. The median income for households in this area stands at $52,426. Given the market rate for rent at $1,042 per month (ZORI), it becomes evident that affording housing is a significant challenge for many residents. To put this into perspective, a household would need to allocate approximately 24% of their annual income towards rent alone, which is higher than the recommended threshold of 30% for overall housing costs.
In comparison to the Federal Market Rent (FMR) standard of $960 per month for zip code 43402 in fiscal year 2024, the gap between the market rate and the voucher payment is stark. This means that while the market demands a higher rent, the government subsidy through vouchers falls short by $82 monthly. For tenants relying on vouchers, this discrepancy could make finding suitable accommodation difficult, especially in a competitive rental market where 56.5% of the population are renters.
With a total population of 31,393, the high percentage of renters indicates a robust demand for rental properties. However, the affordability gap suggests that landlords might face challenges in attracting tenants who can pay the full market rate. This situation could lead to increased competition among landlords who accept vouchers, as they may be more attractive to tenants due to the lower rent burden.
The takeaway for landlords considering whether to adopt voucher acceptance or focus on cash-paying tenants is clear. While cash-paying tenants might offer a smoother transaction process, accepting vouchers can be a strategic move to tap into a larger pool of potential renters. Landlords should weigh the benefits of guaranteed payments against the administrative complexities of voucher programs. Additionally, understanding local tenant needs and preferences will be crucial in making informed decisions about rental pricing and payment strategies.
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.