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 | $970 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,340 | $240,893 | 0.56% | F |
| 3BR | $1,710 | $350,317 | 0.49% | F |
| 4BR | $1,850 | $477,265 | 0.39% | F |
| 5BR | $2,146 | $558,192 | 0.38% | F |
U.S. Census Bureau data (2024)
The ZIP code 44024, located in Chardon, Ohio, has a population of 24,030 residents. With only 14.2% of the population being renters, it indicates that this area is primarily dominated by homeowners rather than renters. This low percentage of renters suggests that the demand for Section 8 vouchers is relatively scarce compared to areas with higher rental populations.
The median household income in this ZIP code stands at $107,000, which is significantly higher than the national average. The market rent for the area is set at $1,128, representing approximately 10.5% of the median household income. This figure aligns closely with the Fair Market Rent (FMR) of $1,090 for FY 2024, indicating that the rental market in Chardon is fairly competitive and reflective of the local economic conditions.
A landlord in ZIP 44024 can expect tenants who are likely to be financially stable, given the high median income level. However, the scarcity of renters means that the pool of potential tenants may be limited. Landlords should prepare to cater to a niche market where affordability is a key factor, but competition among renters is less intense due to the lower number of rental units available. It's important for landlords to understand that while the voucher demand is not deep, there are still opportunities to attract tenants who benefit from housing assistance programs.
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.