Location: Cleveland, OH | Metro: Cleveland, 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 | $860 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,190 | $217,422 | 0.55% | F |
| 3BR | $1,520 | $269,795 | 0.56% | F |
| 4BR | $1,640 | $354,229 | 0.46% | F |
| 5BR | $1,902 | $392,642 | 0.48% | F |
U.S. Census Bureau data (2024)
The ZIP code 44001 in Amherst, OH, is home to 21,448 residents, with 12.5% being renters. Given that only a fraction of the population rents, it indicates that Amherst is primarily a homeowner-dominated area rather than a renter-heavy ZIP. The median household income stands at $90,139, which places residents in a relatively high-income bracket.
The market rent in Amherst is $1,062 per month. This represents approximately 1.2% of the median household income when considering annual earnings. However, for the typical renter who might rely on rental assistance such as Section 8 vouchers, the situation is different. The Fair Market Rent (FMR) for FY 2024 is set at $1,060, which closely matches the market rent. This suggests that landlords can expect a competitive environment for tenants utilizing vouchers, as the subsidy amount aligns well with the local rent prices.
A landlord in Amherst should anticipate tenants who are likely to be financially stable due to the high median income level in the area. While the percentage of renters is low, those seeking housing assistance through Section 8 will find the voucher amounts sufficient to cover the majority of the market rent. Therefore, landlords should prepare for tenants who are capable of meeting the income requirements for Section 8, typically not exceeding 50% of the area's median income, and who are serious about finding a place to live within their budget constraints.
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.