Section 8 Fair Market Rent (FMR) for ZIP 44028 - 2027

Location: Cleveland, OH | Metro: Cleveland, OH HUD Metro FMR Area

Investment Score for ZIP 44028

Monthly Rent (2BR)

$1,870

Median Price (2BR)

$264,378

1% Rule

0.71%

Annual Yield

8.49%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,360
1 Bedroom	$1,540
2 Bedrooms	$1,870
3 Bedrooms	$2,390
4 Bedrooms	$2,580
5 Bedrooms	$2,993
6 Bedrooms	$3,352
7 Bedrooms	$3,620
8 Bedrooms	$3,801

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,870	$264,378	0.71%	D
3BR	$2,390	$342,623	0.7%	D
4BR	$2,580	$495,838	0.52%	F
5BR	$2,993	$572,447	0.52%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

9,671

Median Household Income

$87,595

Housing Units

4,080

Renter Percentage

6.6%

Occupancy Rate

97.6%

Renter Occupied

263

The ZIP code 44028, located in Columbia Station, Ohio, offers a stable and modest real estate market. Situated in the northeastern part of Ohio, it benefits from proximity to larger metropolitan areas while maintaining its own distinct suburban character. This area is particularly attractive for those interested in Section 8 housing due to its mix of affordable and moderately priced homes.

Fair Market Rent (FMR): The FMR for ZIP 44028 is set at $1,580 for fiscal year 2024, which represents the maximum amount that a landlord can charge for a Section 8 voucher in this region.
Market Rent: According to the Census American Community Survey, the average market rent in the area is $1,264, indicating that Section 8 rates are above the local market average.
Median Home Value: The median home value in Columbia Station is $396,662, reflecting a middle-class neighborhood where homeownership is common.
Renter Share: Only 6.6% of households are renters, suggesting that the demand for rental properties, including Section 8 units, is relatively low compared to owner-occupied homes.
Days on Market (DOM): The data does not provide a specific figure for the days on market for rental listings, which could indicate either a quick turnaround for rentals or a lack of recent transaction data.
Median Income: The median household income stands at $87,595, providing insight into the economic health of the community and the potential earning capacity of residents.

Analyzing these data points, landlords and small-portfolio investors in Columbia Station should note the favorable Section 8 rates that exceed the local market average. However, the low renter share suggests that competition for tenants might be limited. Investors should also consider the economic stability indicated by the median income, which supports the viability of the rental market. Despite the lack of specific days on market data, the overall picture suggests a steady but not highly dynamic rental environment, suitable for conservative investment strategies.

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.