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 | $1,180 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,630 |
| 3 Bedrooms | $2,080 |
| 4 Bedrooms | $2,250 |
| 5 Bedrooms | $2,610 |
| 6 Bedrooms | $2,923 |
| 7 Bedrooms | $3,157 |
| 8 Bedrooms | $3,315 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,080 | $160,828 | 1.29% | A |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 44115 in fiscal year 2024 is set at $1,230. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program. It is important to note that this is not the actual rent you will charge your tenants; rather, it is the maximum amount that the government will pay towards the rent on behalf of eligible low-income families.
In comparison, the local market rent for ZIP 44115 is estimated at $1,612, according to the Zillow Observed Rent Index (ZORI). This indicates that the FMR is lower than the average market rent, which means you would need to cover the difference between the FMR and the ZORI from other sources, such as tenant contributions or private subsidies.
The 93.8% renter share in this area suggests a high demand for rental properties. With such a significant portion of the population renting, there is a good chance of finding tenants who qualify for the Section 8 program and are looking for affordable housing options.
When considering the purchase of a property for a potential Section 8 rental, the median home value in ZIP 44115 is around $160,115. This figure can help you assess the initial investment required to acquire a property suitable for this type of rental. Keep in mind that the acquisition cost is just one part of the overall financial picture; ongoing maintenance and management costs also play a critical role in the profitability of your investment.
Before proceeding with your first Section 8 rental in ZIP 44115, it is crucial to verify that the property meets the necessary standards. The Housing Quality Standards (HQS) ensure that the rental unit is safe, decent, and sanitary for tenants. A thorough inspection by a qualified professional should be conducted to confirm compliance with these standards.
To summarize, the FMR of $1,230 is the government's payment limit, while the local market rent is $1,612. With a high renter share of 93.8%, there is strong demand for rental units. The median home value of $160,115 provides insight into the acquisition cost. Ensure your property meets HQS before committing to a Section 8 rental to avoid future complications and ensure compliance with the program requirements.
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.