Location: Cleveland, OH | Metro: Cleveland, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
The ZIP code 44050, located in Lagrange, OH, comprises a population of 7,059 individuals, with 14.8% being renters. This indicates that the area is primarily dominated by homeowners rather than renters, suggesting that the demand for rental properties, particularly those accepting Section 8 vouchers, is relatively low compared to more renter-heavy areas.
The median household income in this ZIP is $103,611, which places it in a higher income bracket. The typical market rent of $1,013 represents approximately 12% of the median income, indicating that rent is reasonably affordable for most residents. However, when comparing the market rent to the Fair Market Rent (FMR) of $1,270 for FY 2024, it's evident that the actual rents are below the FMR, which could be advantageous for landlords who accept Section 8 tenants.
In terms of tenant profiles, landlords in ZIP 44050 can expect to house tenants whose incomes are significantly lower than the median income of the area. Section 8 vouchers are designed to assist low-income families, and the voucher amount is capped at the FMR. Therefore, tenants will likely have annual incomes well below $103,611, but they will still be able to afford the typical market rent of $1,013. This makes the area suitable for landlords willing to accept a slightly lower rent compared to the FMR, while still ensuring that their units are occupied by tenants who are financially stable enough to meet their rental obligations.
Given the homeowner-dominated nature of the ZIP, landlords should not anticipate a large influx of Section 8 tenants unless they specifically market their properties as accepting vouchers. However, those who do may find a steady stream of qualified applicants who are seeking affordable housing options within a generally affluent community.
Data Sources: FMR data from HUD (2027). 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.