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 | $750 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,350 | $295,123 | 0.46% | F |
| 4BR | $1,450 | $417,588 | 0.35% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 43504 in fiscal year 2024 is set at $1080. This figure represents the payment standard for Section 8 housing vouchers, which means that if you participate in the program, the government will pay up to $1080 per month toward a tenant's rent. It is important to note that this is not the amount your tenants will pay; it is the maximum reimbursement you can receive from the Housing Choice Voucher Program.
In comparison, the average rent for the same area based on recent Census American Community Survey (ACS) data is $591. This lower figure indicates that the FMR is designed to cover a broader range of rental properties, including those that might be slightly above average in terms of quality or location.
The 15.6% share of renters in ZIP 43504 suggests a moderate demand for rental properties. However, for a Section 8 rental, this percentage is less critical since the demand comes from individuals who qualify for the voucher program. The key is ensuring that the rent you charge does not exceed the FMR, and that your property meets the required standards for habitability and safety.
If you're looking to acquire a new rental property in this ZIP code, the median home value is around $280,489. This can help you gauge the potential investment cost and determine if it aligns with your financial goals and the expected monthly income from the Section 8 program.
Before proceeding with your first Section 8 rental, it is crucial to verify that your property complies with the Housing Quality Standards (HQS). These standards ensure that the property is safe and decent for habitation. Failure to meet these requirements can result in non-payment from the government, so confirming compliance is essential.
To summarize, the FMR of $1080 sets the ceiling for government reimbursement, while the local average rent of $591 gives context to the market. With a 15.6% renter share, there is a steady demand for rental properties, and the median home value of $280,489 offers insight into acquisition costs. Ensure your property meets HQS to avoid any issues with payment.
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.