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 | $820 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,140 | $160,677 | 0.71% | D |
| 3BR | $1,460 | $198,900 | 0.73% | D |
| 4BR | $1,550 | $312,271 | 0.5% | F |
| 5BR | $1,798 | $402,818 | 0.45% | F |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 43623, located in Toledo, OH, within Lucas County and the Toledo, OH MSA metro area, reveals a slight edge for cash flow when compared to market rents. The HUD Fair Market Rent (FMR) for FY 2024 is set at $950, while the Zillow Observed Rent Index (ZORI) shows a market rent of $908. This means that voucher tenants will generally cashflow at FMR, providing a small but consistent buffer against market fluctuations.
To further understand the investment potential, consider the median home value of $205,185. Using this figure, we can derive a rent-to-price ratio, which stands at approximately 0.56%. This ratio suggests that the rental income generated from properties in this area represents a modest percentage of the overall property value, indicating a relatively stable market where rental income can contribute significantly to total returns without being overly dependent on rapid price appreciation.
The dynamics of the rental market are also reflected in the days on market (DOM) and price-cut share statistics. With a median DOM of just 12 days and a price-cut share of only 0.2%, it's clear that the rental market is robust and that homes are moving quickly. This fast turnover rate can be beneficial for investors looking to minimize vacancy periods and maximize their occupancy rates.
In summary, the strongest angle for investors in ZIP 43623 is stability. The combination of slightly above-market FMRs, a reasonable rent-to-price ratio, and quick market absorption rates makes this area an attractive option for those seeking a reliable source of rental income with minimal risk of vacancy or significant price drops.
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.