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 | $940 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,650 | $331,582 | 0.5% | F |
| 4BR | $1,780 | $360,556 | 0.49% | F |
U.S. Census Bureau data (2024)
1390 is the Fair Market Rent (FMR) for ZIP code 44064 for fiscal year 2024, indicating the maximum amount a Section 8 tenant can pay for housing. While the market rent data is currently unavailable, the median home value stands at 305,214 dollars, providing a benchmark for property values in the area. With 11.5 percent of residents being renters, the demand for rental properties is significant but not overwhelming. The median income in the area is 73,750 dollars, which suggests that tenants may struggle to cover the full rent without assistance. Given the lack of Days on Market (DOM) and price-cut share data, it's difficult to assess the current market conditions in terms of how quickly properties sell and at what price point. However, the presence of Section 8 tenants could stabilize the rental market by ensuring consistent income streams for landlords.
Investors should note that the FMR sets a cap on rental rates for Section 8 participants, potentially limiting profit margins compared to market-rate rentals. Nevertheless, the program guarantees timely rent payments, reducing the risk of vacancies and delinquencies. In ZIP 44064, where the median home value is significantly higher than the median income, Section 8 vouchers can be an attractive option for both landlords and potential tenants. This disparity between income and housing costs highlights the need for affordable housing solutions.
The verdict on Section 8 for ZIP 44064 is positive for landlords and small-portfolio investors seeking stable, long-term tenants who will reliably pay their rent on time, even if it means accepting a slightly lower rate than the market might offer.
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.