Location: Ashtabula County, 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 | $700 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $810 | $123,462 | 0.66% | D |
| 2BR | $1,000 | $170,567 | 0.59% | F |
| 3BR | $1,230 | $223,015 | 0.55% | F |
| 4BR | $1,400 | $264,356 | 0.53% | F |
| 5BR | $1,624 | $288,222 | 0.56% | F |
U.S. Census Bureau data (2024)
ZIP code 44041, located in Geneva, OH, is characterized by a modest-sized community of 14,033 residents. The area has a relatively low rental rate, with only 22.8% of the population being renters. This indicates a predominantly owner-occupied neighborhood, suggesting a stable and possibly family-oriented environment. The median household income stands at $60,662, which provides a good financial base for both renters and homeowners. The median home value in the area is $201,305, reflecting a middle-class residential setting.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 44041 as of fiscal year 2024 is set at $910. This contrasts with the market rent, which according to Census ACS data, averages around $813. The gap between the FMR and the market rent suggests a potential opportunity for landlords and investors who can manage properties at or below the FMR threshold, thus attracting tenants eligible for Section 8 housing vouchers.
The question then becomes whether this ZIP code suits a hands-off voucher operator or requires a hands-on approach. Given the modest size of the community and the lower percentage of renters, a hands-off strategy might be challenging due to limited demand. However, the economic indicators point towards a manageable cost structure, making it feasible for a hands-on investor to operate effectively. Such an investor could focus on improving property values and tenant satisfaction, thereby increasing the attractiveness of the properties to voucher holders and potentially non-voucher tenants as well.
In conclusion, ZIP 44041 presents a balanced scenario where the economic conditions are favorable for both hands-off and hands-on investment strategies. A hands-on value-add buyer would likely find more success in this environment, given the opportunity to enhance property appeal and tap into the slightly higher FMR compared to the current market rent.
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.