Location: Muskingum County, OH | Metro: Muskingum 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 | $860 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,350 | $273,191 | 0.49% | F |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 43802 provides a detailed look into potential rental yields based on government-subsidized housing versus market rents. Using the Federal Market Rent (FMR) for a 2-bedroom apartment at $1,020 per month, the annualized rent would be $12,240. This figure contrasts with the market rent of $838 per month, translating to an annual rent of $10,056.
To derive the gross yield for both scenarios, we divide the respective annual rents by the median home value of $250,218. For the Section 8 scenario using the FMR, the gross yield is calculated as follows:
$12,240 / $250,218 = 0.049, or 4.9%.
In the case of market rent, the calculation is:
$10,056 / $250,218 = 0.040, or 4.0%.
The difference in gross yield between the two scenarios highlights the financial implications of choosing to participate in the Section 8 program. The higher yield from the Section 8 rent suggests that landlords might prefer this option over market rent, especially considering the stability of guaranteed payments.
However, the reality of the situation is more nuanced. With only a 6.7% renter density in ZIP 43802, it becomes clear that the demand for rental properties, including those under Section 8, is relatively low. This could impact the ability to fully utilize the Section 8 rent rate, as there may not be enough eligible tenants to fill all units.
The N/A-day Days on Market (DOM) indicates incomplete data, which could mean that rental listings are either quickly filled or infrequently posted, depending on the actual market conditions. Given the limited renter population, it's reasonable to assume that finding tenants who qualify for Section 8 might be challenging, potentially leading to periods where the property is vacant or rented below the FMR.
In conclusion, while the Section 8 program offers a higher gross yield at 4.9%, the low renter density and potential challenges in filling units with qualified tenants suggest that achieving this yield consistently may be difficult. Landlords and small-portfolio investors should carefully consider these factors before deciding whether to participate in the Section 8 program for properties in ZIP 43802.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.