Location: Noble County, OH | Metro: Morgan County, OH
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 | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,360 |
| 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 |
|---|---|---|---|---|
| 2BR | $1,040 | $130,594 | 0.8% | D |
| 3BR | $1,360 | $182,139 | 0.75% | D |
| 4BR | $1,450 | $202,437 | 0.72% | D |
U.S. Census Bureau data (2024)
The potential pitfalls for investing in ZIP 43724 under the Section 8 program are significant. Tenant turnover is a critical issue, as the market rent stands at $721, while the Fair Market Rent (FMR) for FY 2026 in the metro area is set at $990. This discrepancy suggests that landlords might struggle to retain tenants willing to pay the higher FMR rate, leading to frequent changes and associated costs.
Vacancy exposure is another concern. The Days on Market (DOM) data is not available, which makes it difficult to predict how long properties might remain vacant between tenancies. This uncertainty can result in financial strain due to lost rental income during vacancy periods.
The deferred-maintenance exposure is substantial. With a typical home value of $178,815 and a median income of $64,688, many residents may lack the financial resources to keep their homes in optimal condition. Landlords should anticipate higher maintenance costs and be prepared to manage these expenses effectively.
However, these risks must be weighed against the 19.7% renter share in the area. High renter density generally translates into a robust demand for rental properties, including those that accept Section 8 vouchers. This strong demand can mitigate some of the risks associated with vacancy and turnover, as there is a larger pool of potential tenants.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP 43724 is moderate.
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.