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 | $850 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,170 | $145,101 | 0.81% | C |
| 3BR | $1,500 | $65,082 | 2.3% | A+ |
| 4BR | $1,610 | $74,156 | 2.17% | A+ |
| 5BR | $1,868 | $86,416 | 2.16% | A+ |
U.S. Census Bureau data (2024)
The rent math for ZIP 44108 in Cleveland, OH, does not align favorably with the HUD's Fair Market Rent (FMR) standards. The FMR set at $900 for the fiscal year 2024 is significantly lower than the market rent, which stands at $1,275 according to ZORI (Zillow Observed Rental Index). This discrepancy means that landlords receiving Section 8 vouchers will likely face a shortfall in covering their expenses, given the higher market rates.
Acquisition in ZIP 44108 is moderately affordable. With a median home value of $75,033, potential investors can enter the market without excessive capital outlay. However, the lack of data on days-on-market (DOM) and the low percentage of homes needing price cuts (0.2%) suggest that the housing market might be stable but lacks significant turnover, which could limit opportunities for new acquisitions.
Tenant demand in ZIP 44108 is robust. The area has a total population of 19,381, with 47.4% of residents being renters. This high proportion of renters indicates a steady pool of potential tenants who are interested in finding housing through Section 8 vouchers. Landlords can expect consistent interest from tenants looking for affordable housing options.
In summary, while the rent math does not work in favor of landlords due to the disparity between the HUD FMR and the actual market rent, the area offers a moderate level of affordability for property acquisition. The strong tenant demand presents an opportunity for landlords willing to manage properties with lower rental income. However, they must be prepared for financial constraints and possibly seek additional sources of income or cost-saving measures to sustain profitability.
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.