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 | $940 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,290 | $156,365 | 0.82% | C |
| 3BR | $1,650 | $211,355 | 0.78% | D |
| 4BR | $1,780 | $262,638 | 0.68% | D |
| 5BR | $2,065 | $345,630 | 0.6% | F |
U.S. Census Bureau data (2024)
In ZIP 44092, which covers Wickliffe, OH, and is part of Lake County, the Section 8 economics are straightforward but require careful consideration. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for FY 2024 is set at $1160. This figure is crucial because it represents the maximum amount that the housing authority will pay towards the rent subsidy.
The local market rent, as measured by ZORI (Zillow Observed Rent Index), is currently at $1069 for a similar two-bedroom unit. This indicates that the SAFMR exceeds the local market rent, which can be advantageous for landlords participating in the program.
A voucher payment under Section 8 consists of two parts: the tenant's contribution and the subsidy paid by the housing authority. Tenants are required to contribute 30% of their adjusted income toward the rent. For simplicity, let's assume an average adjusted income that would result in a tenant contribution of around $320 per month, which is roughly 30% of the SAFMR. This leaves the housing authority responsible for the remaining balance up to the SAFMR limit.
Utility allowances are also factored into the equation. These allowances vary but typically cover a significant portion of the utilities, ensuring that tenants do not bear the entire cost. In ZIP 44092, the utility allowance might be around $200-$250 per month, depending on the specifics of the case.
Given these figures, if a landlord charges the SAFMR of $1160, the housing authority would cover approximately $840 ($1160 - $320) of the rent plus the utility allowance. However, since the local market rent is lower at $1069, landlords who charge this amount would still receive the full $1069 from the combination of tenant contribution and housing authority subsidy, assuming the tenant's portion remains at $320.
To illustrate, if a landlord sets the rent at $1069, and the tenant contributes $320, the housing authority would subsidize the difference, which is $749. Adding a utility allowance of $225, the total monthly reimbursement would be $974. This results in a surplus for the landlord, as they receive more than the local market rent without having to absorb any loss due to the subsidy.
In conclusion, for a two-bedroom apartment in ZIP 44092, the typical reimbursement gap or surplus favors landlords. By setting the rent at the local market rate of $1069, landlords can expect a monthly surplus of about $105 ($974 - $1069), making participation in the Section 8 program financially beneficial compared to the prevailing rental rates.
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.