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 | $870 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,200 | $163,661 | 0.73% | D |
| 3BR | $1,530 | $207,699 | 0.74% | D |
| 4BR | $1,650 | $239,282 | 0.69% | D |
| 5BR | $1,914 | $289,552 | 0.66% | D |
U.S. Census Bureau data (2024)
The ZIP code 44095, located in Eastlake, OH, has a population of 32,363, with 24.0% of residents being renters. This indicates that the area is moderately renter-heavy, but not dominated by rental housing. The median household income stands at $71,543, which provides a baseline for assessing the affordability of housing in the region.
The market rent for this area is $1,537 per month, representing approximately 48.4% of the median monthly income ($71,543/12 months = $5,961.92). This suggests that the typical rent eats up a significant portion of local incomes, making affordability a key concern for many potential tenants.
Comparing the market rent to the Fair Market Rent (FMR), which is set at $1,130 for FY 2024, highlights a substantial gap between the two figures. Landlords should be aware that rents exceeding the FMR could limit their pool of eligible Section 8 tenants, who are typically constrained by the voucher amount.
In this context, landlords in ZIP 44095 can expect a tenant profile that includes individuals and families seeking affordable housing options. These tenants will likely have low to moderate incomes, necessitating the use of housing vouchers to cover a significant portion of their rent. While the rental market is present, it is not overwhelmingly dominated by renters, suggesting that competition for Section 8 vouchers may exist among property owners.
To attract and retain Section 8 tenants effectively, landlords must ensure their properties meet the quality standards required by the program. They should also be prepared to navigate the administrative processes associated with accepting vouchers, including working with local housing authorities and understanding the rules regarding rent increases and eligibility.
The demand for rental units that accept Section 8 vouchers is deep, given the income levels and the disparity between market rent and FMR. However, landlords should be cautious about setting rents too high above the FMR, as this could reduce their chances of securing tenants with vouchers. A strategic approach would involve balancing the need for competitive returns with the realities of the local housing market and the limitations imposed by the voucher system.
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.