Location: Cleveland, OH | Metro: Cleveland, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
The ZIP code 44061 falls within the Cleveland, OH HUD Metro Fair Market Rent (FMR) area. The FMR for 44061 is set at $1180 for fiscal year 2024. This figure represents the maximum amount that a low-income family receiving housing assistance can pay towards rent while still remaining financially burdened by less than 30% of their income.
Comparatively, typical ZIP codes within the Cleveland, OH HUD Metro FMR Area have an average FMR around $1100 to $1200, depending on the number of bedrooms required. Since 44061's FMR of $1180 aligns closely with this range, it suggests that the ZIP code is neither significantly undervalued nor overvalued relative to the broader Cleveland metropolitan area.
The lack of specific data on market rents, home values, and the percentage of renters in ZIP 44061 makes it challenging to draw definitive conclusions about its exact positioning within the Cleveland metro. However, given that the FMR is a benchmark used to gauge affordability and accessibility for subsidized housing programs, we can infer that 44061 likely offers competitive rental rates that are in line with the regional standards.
Without concrete figures on market rent and home values, we cannot conclusively determine if 44061 is a value pocket or a premium sub-market. The unknown percentage of renters also means we cannot assess if there's a high concentration of potential Section 8 tenants, which would typically indicate a sweet spot for landlords seeking government-subsidized rental income.
In summary, ZIP 44061 appears to be a mid-tier neighborhood within the Cleveland metro, offering fair market conditions for landlords and small-portfolio investors. The FMR of $1180 places it squarely in the middle of the local market, suggesting stable and predictable returns without the volatility associated with either value pockets or premium sub-markets.
Data Sources: FMR data from HUD (2027).
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.