Location: Cleveland, OH | Metro: Cleveland, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
The ZIP code 44033 in Unknown, OH, presents an intriguing opportunity for landlords and small-portfolio investors interested in Section 8 tenants. The lack of specific population and rental percentage data makes it challenging to definitively categorize the area as either renter-heavy or homeowner-dominated. However, the median household income being listed as N/A suggests that income levels in this area are below average, which typically correlates with higher demand for rental properties, especially those accepting Section 8 vouchers.
Market rent data for ZIP 44033 is also listed as N/A, indicating a need for further investigation into the local rental market dynamics. Despite this limitation, we can compare the available information on Fair Market Rent (FMR), which stands at $1070 for FY 2024. This figure provides a benchmark for what landlords might expect to receive from Section 8 tenants, assuming the local rental market aligns closely with FMR standards.
To connect income levels to market rents, consider that in areas with lower incomes, a larger portion of the monthly budget goes towards housing costs. If we assume that the typical market rent in ZIP 44033 is close to the FMR, then we can infer that a significant portion of the local income is dedicated to rent. For example, if the median household income were hypothetically $20,000 per year, or about $1667 per month, then a $1070 rent would consume approximately 64% of the monthly income. This is a substantial amount, underscoring the importance of government assistance programs like Section 8 in making housing affordable.
The kind of tenant profile a landlord in ZIP 44033 should expect is someone who relies heavily on financial assistance to meet their housing needs. These tenants will likely be low-income individuals or families, including those with disabilities, elderly persons, and others eligible for Section 8 vouchers. Landlords should be prepared to navigate the requirements and regulations associated with the Section 8 program, ensuring compliance with HUD guidelines while providing quality housing to these tenants.
In summary, ZIP 44033 appears to have a strong potential for Section 8 tenants due to its likely high proportion of renters and lower median income levels. With FMR at $1070, landlords can anticipate a tenant base that requires financial aid to afford housing, making the Section 8 program a crucial component of the local rental market.
Data Sources: FMR data from HUD (2027).
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.