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 | $830 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $950 | $82,293 | 1.15% | B |
| 2BR | $1,150 | $159,424 | 0.72% | D |
| 3BR | $1,470 | $127,381 | 1.15% | B |
| 4BR | $1,580 | $145,156 | 1.09% | B |
| 5BR | $1,833 | $171,585 | 1.07% | B |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 44102 (Cleveland, OH, Cuyahoga County) reveals that the HUD Fair Market Rent (FMR) for the area is set at $970 for fiscal year 2024. This figure is notably lower than the market rent, which stands at $1,352 according to ZORI (Zillow Observed Rent Index). Given this disparity, landlords and small-portfolio investors can expect voucher tenants to cashflow marginally, meaning they will cover most but not all of their costs, especially considering typical expenses such as maintenance and utilities.
To further analyze the investment potential, consider the median home value in the area, which is $129,818. Using this data point, we can derive a rent-to-price ratio, which indicates how affordable the housing market is relative to rental rates. In this case, the ratio suggests that properties are relatively undervalued compared to their rental income potential, making it an attractive market for investors seeking to leverage both rental income and property value.
The median days on market (DOM) for listings in the area is 18 days, indicating a brisk pace of sales activity. Additionally, the price-cut share stands at 0.2%, suggesting that sellers are not often forced to reduce their asking prices to attract buyers. These metrics imply that the rent-versus-buy dynamics favor stability and potentially steady appreciation over time.
In conclusion, the strongest angle for investors in ZIP 44102 is likely to be stability. The combination of a favorable rent-to-price ratio and a robust sales market supports the idea that investments here will provide consistent returns through stable rental incomes and gradual property value increases.
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.