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 | $760 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,050 | $230,556 | 0.46% | F |
| 3BR | $1,340 | $288,596 | 0.46% | F |
| 4BR | $1,450 | $364,462 | 0.4% | F |
U.S. Census Bureau data (2024)
The ZIP code 44081, located in Perry, OH, presents a dynamic rental market that reflects both stability and potential for growth. The Fair Market Rent (FMR) set at $990 for the fiscal year 2024 indicates the government's benchmark for what is considered a reasonable rent amount for the area. This figure is notably higher than the actual market rent of $872, as reported by the Census Bureau's American Community Survey (ACS). This discrepancy suggests that while there is some upward pressure on rents, the market is not yet fully aligned with the FMR, indicating a balanced but slightly tenant-friendly environment.
The median home value of $288,336 provides insight into the overall property values in Perry, OH. This figure can help landlords understand the comparative value of their properties and make informed decisions regarding investment and maintenance. Although the percentage of price-cut share and days on market (DOM) are not available, the fact that these metrics are not reported might suggest a relatively stable market with low turnover rates, which can be beneficial for long-term investment strategies.
A renter share of 9.3% is particularly noteworthy. This statistic implies that a significant portion of the population in Perry, OH, is already homeowners, potentially leading to lower competition among renters. However, it also points to a long-term housing pressure that could shift if economic conditions change, making it essential for landlords to remain vigilant and adaptable. A high proportion of homeowners can indicate a mature market with established families, which can provide a steady and reliable tenant base for landlords and small-portfolio investors.
In conclusion, ZIP 44081 appears to be a market where demand is closely matched with supply, presenting opportunities for landlords to maintain competitive rents without resorting to drastic measures such as deep discounts. The presence of a substantial homeowner population suggests a stable environment, though it also means that any future shifts in housing preferences could impact the rental market significantly. For now, the dynamics of the Perry, OH, market offer a solid foundation for real estate investments.
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.