Section 8 Fair Market Rent (FMR) for ZIP 44089 - 2027

Location: Erie County, OH | Metro: Cleveland, OH HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,040
1 Bedroom	$1,130
2 Bedrooms	$1,390
3 Bedrooms	$1,760
4 Bedrooms	$1,930
5 Bedrooms	$2,239
6 Bedrooms	$2,508
7 Bedrooms	$2,709
8 Bedrooms	$2,844

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

15,654

Median Household Income

$70,495

Housing Units

8,086

Renter Percentage

19.0%

Occupancy Rate

87.5%

Renter Occupied

1,342

Housing Authorities Serving ZIP 44089

Lorain Metropolitan Housing Authority (Lorain, OH) - 3,168 Section 8 vouchers
Erie Metropolitian Housing Authority (Sandusky, OH) - 1,182 Section 8 vouchers

Vermilion, OH, located in Ashtabula County, is a small town that offers a mix of rural charm and access to urban amenities. The local real estate market reflects a balance between affordability and stability, making it an attractive investment opportunity for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for Vermilion, OH, for fiscal year 2024 is set at $1,170, providing a benchmark for rental pricing in the area.
The average market rent, according to the latest Census American Community Survey (ACS), stands at $1,084, slightly below the FMR but indicative of the actual rental rates tenants are paying.
The median home value in the area is $261,827, suggesting a stable housing market with reasonable entry points for investment properties.
Renters make up 19.0% of the population, indicating a moderate demand for rental units.
The median household income is $70,495, which supports the ability of residents to pay higher rents without straining their budgets.

Analyzing these data points, Vermilion presents a balanced investment opportunity. The gap between the FMR and the actual market rent suggests potential for increasing rental income, while the median home value indicates a stable property market. The moderate renter share and solid median income support steady demand for rental properties. Overall, Vermilion offers a promising environment for landlords and small-portfolio investors seeking consistent returns.

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.