Location: Ashtabula County, OH | Metro: Ashtabula County, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The ZIP code 44004 is situated in Ashtabula, Ohio, a city with a total population of 31,114. In this area, approximately 31.9% of residents are renters, indicating a significant portion of the community relies on rental housing. The median household income stands at $51,034, which places it in a moderate income bracket. The median home value in ZIP 44004 is $151,154, reflecting an affordable residential market.
Moving into the specifics of the rental market, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,000. However, the actual market rent, according to the Census American Community Survey, is $812. This discrepancy suggests that there is room for price increases to align with the FMR, potentially offering opportunities for higher returns on investment for landlords and small-portfolio investors.
Given these economic conditions, ZIP 44004 would be suitable for both hands-off voucher operators and hands-on value-add buyers. For those who prefer a hands-off approach, the lower market rent compared to the FMR indicates a stable environment where Section 8 vouchers can cover the majority of rental costs. On the other hand, value-add buyers could find opportunities to improve properties and increase rents closer to the FMR, thereby enhancing their profitability.
In conclusion, the demographic and economic landscape of ZIP 44004 presents a balanced scenario for real estate investment, particularly for those interested in Section 8 properties. With a significant number of renters and a median income that supports rental affordability, combined with the potential for rent increases, this area offers viable options for various types of investors.
Data Sources: FMR data from HUD (2027). 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.