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 | $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 | $170,808 | 0.77% | D |
| 3BR | $1,670 | $236,344 | 0.71% | D |
| 4BR | $1,810 | $298,985 | 0.61% | D |
| 5BR | $2,100 | $338,456 | 0.62% | D |
U.S. Census Bureau data (2024)
The ZIP code 44057 in Madison, OH, presents an interesting mix of yield and stability factors for real-estate investment, particularly under the Section 8 program.
On the yield axis, the Fair Market Rent (FMR) for FY 2024 is set at $1,180. This compares favorably to the local market rent of $1,076, indicating a potential premium for Section 8 properties. However, the median home value in the area is quite high at $228,314, which suggests that the initial investment required to enter this market is substantial. The higher FMR relative to market rent can be a significant driver of yield for landlords willing to accept Section 8 tenants.
Moving to the stability axis, only 14.2% of the population are renters, which is relatively low. This indicates that the rental market may not be as robust or as consistently active as areas with higher percentages of renters. Additionally, the average daily days on market (DOM) is not available, which makes it difficult to assess how quickly properties might be rented out. Lastly, the median household income is $75,615, suggesting that the area has a stable economic base, but also implying that there could be fewer potential Section 8 applicants due to the higher income levels.
Given these figures, ZIP 44057 does not fit neatly into either a high-yield/low-stability flip-style market or a steady-cashflow zone. Instead, it appears to be a middle-ground market where the yield is decent, thanks to the favorable FMR, but the stability is somewhat compromised by the lower percentage of renters and potentially limited demand for Section 8 properties. The high median home value further complicates the situation, as it implies a need for a larger upfront investment, which may not be immediately offset by the rental premiums.
To summarize, while the FMR provides a solid basis for rental income, the overall stability of the market is less certain, making it a moderate-risk investment opportunity. Landlords should carefully consider their long-term goals and risk tolerance before entering this market.
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.