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

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

Investment Score for ZIP 44089

Monthly Rent (2BR)

$1,390

Median Price (2BR)

$237,780

1% Rule

0.58%

Annual Yield

7.01%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,130	$173,578	0.65%	D
2BR	$1,390	$237,780	0.58%	F
3BR	$1,760	$269,432	0.65%	D
4BR	$1,930	$360,993	0.53%	F
5BR	$2,239	$460,499	0.49%	F

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

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). 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.