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 | $950 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,310 | $275,546 | 0.48% | F |
| 3BR | $1,670 | $307,395 | 0.54% | F |
| 4BR | $1,810 | $407,971 | 0.44% | F |
| 5BR | $2,100 | $472,051 | 0.44% | F |
U.S. Census Bureau data (2024)
The dynamics of ZIP code 44039, North Ridgeville, OH, reveal a market in motion, characterized by distinct relationships between supply, demand, and rental pressures. With a Fair Market Rent (FMR) of $1270 for the fiscal year 2024, and a market rent (ZORI) of $1,920, there's a notable gap indicating that rental prices exceed the federal guidelines. This suggests a robust rental market, where landlords can command higher rents above the minimum set by HUD.
A price-cut share of just 0.2% indicates that very few properties are being discounted, signaling strong seller confidence and limited supply. The days on market (DOM) of only 8 days further underscores this point, showing that homes are selling quickly, likely due to high demand and a competitive buyer environment. This rapid turnover and low discount rate imply that buyers are willing to pay close to asking prices, suggesting a tight market where demand may slightly outpace supply.
The median home value of $324,746 provides insight into the overall affordability and desirability of the area. Given the relatively low price-cut share and quick sales, it appears that homes are priced appropriately for the market conditions, supporting the notion of balanced but slightly demand-driven conditions.
A 10.1% renter share is lower than the national average, which often hovers around 30%. This implies that the majority of residents in North Ridgeville own their homes, potentially reducing short-term rental pressures. However, a lower renter share doesn't necessarily mean less long-term housing pressure. In fact, it might indicate a steady demand for homeownership, which could translate into consistent property appreciation over time as more people seek to buy rather than rent.
In summary, ZIP 44039 presents a market where demand is robust, particularly in the rental sector, with homes selling quickly and at near-asking prices. The low renter share suggests a preference for homeownership among residents, which could contribute to stable, long-term housing dynamics beneficial for both landlords and small-portfolio investors.
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.