Location: Ottawa County, OH | Metro: Ottawa County, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,930 |
| 5 Bedrooms | $2,239 |
| 6 Bedrooms | $2,508 |
| 7 Bedrooms | $2,709 |
| 8 Bedrooms | $2,844 |
A skeptical investor might question if the Fair Market Rent (FMR) of $910 for ZIP 43433 in fiscal year 2024 will sufficiently cover the mortgage on a property. The median home value in this area is not directly provided in the search results, indicating a lack of recent data to definitively answer this question. However, it is crucial to consider the local mortgage rates and the typical loan-to-value ratio when making this assessment.
The second concern could be whether there is sufficient renter demand at the current vacancy rate. The specific percentage for the vacancy rate in ZIP 43433 is not provided in the data we have. To make an informed decision, one would need to research the historical vacancy rates and compare them to the national average. A lower-than-average vacancy rate typically indicates strong demand for rentals.
Lastly, an investor might wonder if housing vouchers will keep pace with the market rents. According to HUD's Housing Choice Voucher (HCV) Data Dashboard, while specific trends for ZIP 43433 are not detailed, the dashboard can show national and state-level trends that may provide insight into how well voucher amounts align with market conditions. It is important to note that voucher amounts can vary widely based on local market conditions and the specific policies of the Public Housing Agency (PHA).
To summarize, while some data points are missing, such as the median home value and the exact vacancy rate, an investor should still consider the FMR of $910 as a baseline for rental income. Additionally, the effectiveness of housing vouchers in covering market rents should be evaluated against local trends and PHA policies. Conducting thorough research on local real estate trends and consulting with local realtors can provide more concrete answers to these questions.
Data Sources: FMR data from HUD (2027).
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.