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 | $1,390 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,440 |
| 4 Bedrooms | $2,630 |
| 5 Bedrooms | $3,051 |
| 6 Bedrooms | $3,417 |
| 7 Bedrooms | $3,690 |
| 8 Bedrooms | $3,875 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,910 | $269,240 | 0.71% | D |
| 3BR | $2,440 | $412,832 | 0.59% | F |
| 4BR | $2,630 | $618,421 | 0.43% | F |
| 5BR | $3,051 | $782,276 | 0.39% | F |
U.S. Census Bureau data (2024)
The classification of ZIP 44023 (Chagrin Falls, OH) on the axes of yield and stability reveals it to be a steady-cashflow zone. The Federal Market Rent (FMR) for FY 2024 is set at $1420, which is significantly lower than the market rent of $2,437. This indicates that while there is a potential for higher rental income above FMR levels, the area does not present itself as a high-yield market due to the substantial gap between FMR and market rents.
Moreover, the median home value in Chagrin Falls stands at $480,150, suggesting that property values are relatively high, which can limit the number of available rental units as many homeowners may prefer to sell rather than rent out their properties. However, the median household income in the area is $147,383, indicating that residents have the financial means to sustain rental payments at or near market rates, thus contributing to a stable cash flow for landlords.
The stability of the market is further supported by the low days-on-market (DOM) figure of 8 days, which implies that rental listings do not remain vacant for long periods, reducing the risk of extended vacancy spells. Additionally, the percentage of renters in the area is 11.6%, which, although not high, is sufficient to maintain a consistent demand for rental properties without the volatility seen in markets with a much larger share of renters.
In summary, ZIP 44023 leans towards being a steady-cashflow zone, driven by its high median household income, low DOM, and the presence of a stable rental market despite the relatively high median home value and moderate rental yields compared to market rents.
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.