Location: Ashtabula County, OH | Metro: Ashtabula County, 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 | $850 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,040 | $186,800 | 0.56% | F |
| 3BR | $1,320 | $220,917 | 0.6% | F |
| 4BR | $1,490 | $266,754 | 0.56% | F |
U.S. Census Bureau data (2024)
The Section 8 cap-rate picture for ZIP 44082 (Pierpont, OH) can be analyzed using the Fair Market Rent (FMR) and market rent figures. The annualized 2BR FMR for FY 2026 is $1,020, while the Census ACS reports a market rent of $670. To derive the gross yield, we divide these figures by the median home value of $194,468.
The implied gross-yield based on the FMR is calculated as follows:
In contrast, the implied gross-yield based on the market rent is:
Given that only 17.2% of the population are renters, it is important to consider the likelihood of finding tenants who qualify for Section 8. The N/A-day DOM (Days on Market) suggests there is limited data on how quickly properties are rented out, which could indicate a slower rental market or a lack of recent sales data.
The higher FMR gross-yield of 0.524% is theoretically possible if a landlord secures a Section 8 tenant. However, this scenario assumes that the property can be rented at the FMR rate, which is not guaranteed. The lower market rent gross-yield of 0.344% reflects the actual rental rates paid by non-subsidized tenants, making it a more realistic expectation for most landlords in Pierpont, OH.
Investors should weigh the potential benefits of securing a Section 8 tenant against the challenges of finding such a tenant and the risks associated with relying on government subsidies. While the FMR gross-yield is appealing, the market rent gross-yield provides a clearer picture of what landlords might realistically expect in a typical rental situation.
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.