Location: Cleveland, OH | Metro: Cleveland, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
The ZIP code 44080, located in , XX, presents a unique scenario for renters and landlords alike. Given the median income is listed as N/A, it becomes challenging to assess the financial capability of households to meet the market rate, which is also marked as N/A. However, we can draw insights based on the available information.
The Fair Market Rent (FMR) for this area, set at $920 for zip FY 2024, serves as a benchmark for housing affordability. This figure represents the voucher payment standard for the region. Despite the lack of specific income data, it's evident that the extremely low population count of 42 residents and the reported 0.0% of renters suggest an environment where traditional rental dynamics do not apply.
In such a context, the affordability gap is minimal since there are virtually no renters. For landlords, this means competition for tenants is virtually non-existent. However, the reliance on voucher payments as a primary source of rental income could be significant given the established FMR. Landlords should consider the stability and reliability of voucher payments versus the potential risks associated with cash-paying tenants who might have less predictable income sources.
Takeaway: In ZIP 44080, landlords face a market with negligible competition but must weigh the benefits of accepting vouchers against the possibility of attracting the few local renters willing to pay cash. The voucher payment standard of $920 offers a clear, government-backed income stream, making it a stable option in this low-density area.
Data Sources: FMR data from HUD (2027). 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.