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 | $900 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,610 | $242,134 | 0.66% | D |
| 4BR | $1,710 | $278,728 | 0.61% | D |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 43540 reveals a significant gap between the Fair Market Rent (FMR) set at $1030 for fiscal year 2024 and the actual market rent of $1,017 as reported by the Census Bureau's American Community Survey (ACS). This indicates that the FMR is $13 above the market rate, or approximately 1.28% higher.
The slight premium of the FMR over the market rent makes ZIP 43540 an attractive yield play for landlords and small-portfolio investors. With voucher tenants, landlords can secure a consistent stream of rental income without the risk of vacancy or late payments, which often occur with non-voucher tenants. The stability provided by the Section 8 program ensures that landlords receive the full FMR amount each month, thus slightly exceeding the typical market rent.
In ZIP 43540, only 11.9% of residents are renters, indicating a primarily owner-occupied area. The median home value stands at $217,798, and the median household income is $119,583. These figures suggest that the area is relatively affluent, and the demand for rental properties, especially those participating in the Section 8 program, might be lower compared to more densely populated or economically diverse areas.
Despite the low percentage of renters, the slight advantage in FMR over market rent can still make Section 8 participation worthwhile. Landlords should be aware, however, that the overall rental market is not highly saturated, and attracting voucher tenants may require additional efforts to comply with HUD standards and maintain property quality.
To summarize, the $13 difference between the FMR and market rent in ZIP 43540 represents a minor but notable opportunity for landlords. This gap, combined with the stability offered by voucher tenants, can enhance rental yields in a market where renting is less common. However, landlords must balance this potential yield with the realities of a predominantly owner-occupied area and the specific requirements of the Section 8 program.
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.