Location: Akron, OH | Metro: Akron, OH MSA
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 | $1,090 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $1,820 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,180 | $121,931 | 0.97% | C |
| 2BR | $1,520 | $226,982 | 0.67% | D |
| 3BR | $1,820 | $292,762 | 0.62% | D |
| 4BR | $2,000 | $415,912 | 0.48% | F |
| 5BR | $2,320 | $462,934 | 0.5% | F |
U.S. Census Bureau data (2024)
Northfield, OH, with a population of 19,943, is a relatively affluent suburban area where only 13.5% of residents are renters. The median household income stands at $86,364, indicating a strong financial base among its inhabitants. Median home values in the area are also high, sitting at $297,432, which suggests that homeownership is a significant factor in the local economy.
The rental market in Northfield is modest compared to the overall housing market. According to the Census American Community Survey, the average market rent is $1,321 per month. However, the Fair Market Rent (FMR) for ZIP code 44067, set by HUD for fiscal year 2024, is $1,240. This indicates that there is a slight premium for market rents over the FMR, but it's not substantial enough to significantly impact the number of tenants eligible for Section 8 vouchers.
In terms of investment strategy, Northfield, OH, is more suited for a hands-off voucher operator rather than a hands-on value-add buyer. The modest rental market and the relatively high median income suggest that there is a stable demand for affordable housing, but the opportunity for aggressive renovations and repositioning is limited due to the already established character of the neighborhood. Investors should focus on properties that can attract tenants through the Section 8 program without needing extensive improvements, given the area's characteristics and economic profile.
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.