Location: Perry County, OH | Metro: Perry County, OH HUD Metro FMR Area
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 | $910 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,350 |
| 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 |
|---|---|---|---|---|
| 2BR | $1,070 | $262,587 | 0.41% | F |
| 3BR | $1,350 | $343,016 | 0.39% | F |
| 4BR | $1,710 | $361,217 | 0.47% | F |
U.S. Census Bureau data (2024)
Somerset, OH, represented by ZIP code 43783, is a small suburban community with a total population of 4,720 residents. Only 14.2% of the residents are renters, indicating a predominantly owner-occupied area. The median household income in this ZIP code is $67,016, reflecting a middle-class community where most residents can afford to purchase homes. Indeed, the median home value stands at $306,070, which aligns with the income levels and suggests that the local housing market is stable and moderately priced.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 43783 as of the fiscal year 2024 is set at $1,050. This figure is notably higher than the average market rent reported by the Census Bureau's American Community Survey (ACS), which is $833. The disparity between the FMR and the market rent highlights an opportunity for landlords who participate in the Section 8 Housing Choice Voucher program. They can potentially command higher rents due to the subsidy, making it a favorable environment for such investments.
The question then arises whether this ZIP code suits a hands-off voucher operator or a hands-on value-add buyer. Given the relatively low percentage of renters and the gap between FMR and market rent, it is likely more suitable for a hands-off operator. Such an investor would benefit from the guaranteed income provided by the voucher program without having to engage deeply in property management or improvements. However, for a value-add buyer looking to improve properties and increase their rental value beyond the FMR, there is still potential, especially if they can target the owner-occupied segment that might be interested in renting out their homes at a premium.
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.