Section 8 Fair Market Rent (FMR) for ZIP 44114 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,270
1 Bedroom	$1,440
2 Bedrooms	$1,750
3 Bedrooms	$2,240
4 Bedrooms	$2,410
5 Bedrooms	$2,796
6 Bedrooms	$3,132
7 Bedrooms	$3,383
8 Bedrooms	$3,552

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

7,488

Median Household Income

$44,002

Housing Units

5,305

Renter Percentage

93.0%

Occupancy Rate

80.3%

Renter Occupied

3,962

Located in the heart of Connecticut, ZIP code 44114 offers a blend of suburban charm and proximity to urban amenities, making it an attractive location for both renters and small-scale property investors.

The Fair Market Rent (FMR) for ZIP 44114 in fiscal year 2024 is set at $1440, providing a benchmark for rental pricing that aligns closely with the local market conditions.
The market rent, as measured by the Zillow Observed Rent Index (ZORI), stands at $1,436, indicating a competitive rental environment where properties priced near this figure can attract tenants effectively.
The median home value in the area is $205,005, reflecting a moderate cost of entry for those looking to purchase real estate in ZIP 44114.
Renters constitute a significant portion of the housing market here, with a 93.0% share, suggesting strong demand for rental properties over homeownership.
The median income in the area is $44,002, which influences the affordability of rents and the potential for rental growth based on economic trends.
Despite the high renter share, the days on market (DOM) for rentals is listed as N/A, possibly due to limited data or a rapidly changing market that doesn't provide consistent metrics.

Synthesizing these points, ZIP 44114 presents a robust rental market with high tenant demand and reasonable property values. The close alignment between the FMR and ZORI suggests that rental pricing is stable and reflective of fair market standards. With a high renter share and moderate median income levels, there is a clear opportunity for landlords and small-portfolio investors to capitalize on the existing rental dynamics. However, the lack of days on market data indicates that further investigation might be necessary to understand the speed at which rental units are occupied, which could impact cash flow expectations and investment returns.

Data Sources: FMR data from HUD (2027). 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.