Location: Ashtabula County, OH | Metro: Ashtabula County, 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 | $810 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,170 | $161,098 | 0.73% | D |
| 3BR | $1,430 | $242,840 | 0.59% | F |
| 4BR | $1,640 | $284,894 | 0.58% | F |
| 5BR | $1,902 | $314,795 | 0.6% | D |
U.S. Census Bureau data (2024)
The ZIP code 44047 in Jefferson, OH, stands out within Ashtabula County due to its unique demographic and economic characteristics. With a population of 8,365, this area has a rental rate of 22.7%, indicating a modest but present demand for rental properties. The median income in Jefferson is $60,625, which suggests that the residents have a decent financial standing. Additionally, the median home value of $224,433 reflects a stable housing market, where property values are relatively high compared to other areas in the county.
Moving to the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 44047 is set at $1,160 for the fiscal year 2026. This figure is notably higher than the current market rent, which is estimated at $1,041 according to the Census ACS data. This disparity between the FMR and market rent presents an opportunity for landlords and small-portfolio investors to potentially increase their rental income by participating in the Section 8 program. The higher FMR ensures that landlords receive a rent subsidy that compensates for the difference between the market rate and the amount tenants can afford.
Based on the data signature of ZIP 44047, the overall trend appears to be stable. The relatively high median home value and moderate rental rate indicate that the area is not undergoing significant transitional changes. However, the presence of a slightly higher FMR compared to market rent might suggest some level of adjustment in the rental market dynamics, influenced by government assistance programs. For investors, this stability provides a predictable environment, while the voucher economics offer a clear path to optimize rental income.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.