Location: Cleveland, 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 | $750 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,040 | $166,935 | 0.62% | D |
| 3BR | $1,330 | $315,944 | 0.42% | F |
| 4BR | $1,430 | $445,701 | 0.32% | F |
U.S. Census Bureau data (2024)
Newbury, OH, located in Geauga County and identified by ZIP code 44065, stands out among other ZIP codes due to its unique demographic and economic characteristics. With a population of 3,842 residents, only 4.1% of whom rent their homes, Newbury is predominantly a homeownership community. The median household income in Newbury is $95,442, indicating a relatively affluent area. Furthermore, the median home value is notably high at $317,726, which reflects the expensive real estate market in this part of Ohio.
For landlords and small-portfolio investors interested in the Section 8 program, the Federal Market Rent (FMR) for ZIP 44065 in fiscal year 2024 is set at $990. This is significantly higher than the average market rent of $839, as reported by the Census Bureau's American Community Survey (ACS). The disparity between the FMR and the actual market rent suggests that landlords who accept Section 8 vouchers can potentially charge above-market rates, making it an attractive option for rental properties in Newbury. However, the low percentage of renters in the area means that the demand for subsidized housing may be limited, and landlords should carefully consider the balance between accepting vouchers and maintaining a competitive position in the local market.
The data signature for ZIP 44065 reads as stable. The high median income and median home value indicate a robust local economy and a strong property market. Additionally, the low percentage of renters suggests that the community is primarily composed of long-term homeowners rather than transient tenants. This stability is beneficial for landlords and small-portfolio investors, as it implies a lower risk of tenant turnover and a more predictable rental market. While the Section 8 program can provide additional revenue opportunities, the overall environment in Newbury leans towards being a stable investment location.
Landlords considering Section 8 participation in Newbury should also factor in the potential administrative burden and the need for compliance with HUD regulations. Despite these challenges, the opportunity to receive a guaranteed $990 per month for eligible units could offset some of the risks associated with renting in a market where competition for tenants is not as fierce as in more densely populated areas.
In summary, ZIP 44065 presents a stable yet niche market for Section 8 participation, with a strong emphasis on homeownership and a relatively affluent resident base. The higher FMR compared to the actual market rent provides a financial incentive for landlords willing to navigate the complexities of the program.
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.