Location: Ashtabula County, OH | Metro: Ashtabula 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 | $750 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,310 |
| 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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,310 | $283,682 | 0.46% | F |
| 4BR | $1,500 | $346,363 | 0.43% | F |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 44010 provides a clear picture of the potential returns for landlords and small-portfolio investors. The Federal Market Rent (FMR) for a 2-bedroom apartment in the metro area for fiscal year 2026 is set at $1,080 per month. This translates into an annual rental income of $12,960. When compared to the median home value of $268,797, this yields an implied gross yield of approximately 4.82%. However, the market rent for a similar property based on Census ACS data stands at $902 per month, resulting in an annual rental income of $10,824. This scenario implies a gross yield of about 4.03%.
To determine which scenario is more realistic, consider the 16.5% renter density in ZIP 44010. This relatively low percentage suggests that there might be fewer tenants seeking rental properties, making it challenging to consistently achieve the higher FMR rate. Additionally, the lack of data on days on market (DOM) indicates uncertainty regarding how quickly properties can be rented out, which could affect the ability to maintain high rental rates.
The FMR-based gross yield of 4.82% is theoretically achievable if a landlord can secure a Section 8 tenant willing to pay the higher rate. However, given the lower renter density and potential competition from owner-occupied homes, achieving this rate may be difficult. On the other hand, the market rent-based gross yield of 4.03% is more reflective of current market conditions and the likely demand for rental properties in ZIP 44010. This figure should serve as a baseline for most investors looking to enter the rental market in this area.
In conclusion, while the FMR provides a higher theoretical gross yield, the market rent scenario offers a more grounded expectation for investors. The actual performance will depend on individual property management strategies and the local housing market dynamics, but these figures provide a solid starting point for understanding the potential returns in ZIP 44010.
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.