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 | $770 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,060 | $115,108 | 0.92% | C |
| 3BR | $1,350 | $176,478 | 0.76% | D |
| 4BR | $1,460 | $195,658 | 0.75% | D |
U.S. Census Bureau data (2024)
The rental landscape in ZIP 44117, Euclid, OH, presents a stark contrast between market rates and financial realities for renters. The median household income stands at $43,013, which is significantly lower than the market rent rate of $1,290 per month (ZORI). This makes it challenging for many residents to afford market-rate housing without financial strain.
In comparison, the Housing Choice Voucher Program offers a more affordable option, with the Fair Market Rent (FMR) set at $910 for the fiscal year 2024. This represents a substantial savings for tenants, allowing them to spend less than half of their income on rent, which is a more sustainable arrangement.
With 53.7% of the population being renters and a total population of 9,172, the demand for affordable housing is high. However, the affordability gap between the ZORI and FMR suggests that there will be intense competition among landlords to attract tenants who can pay the higher market rates. Those willing to accept vouchers will have a steady stream of potential tenants but will need to adjust their expectations regarding rental income.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: while accepting vouchers ensures consistent occupancy, it also means accepting lower rents. Landlords aiming for higher monthly incomes must prepare to compete in a market where a significant portion of the population cannot afford the ZORI without considerable financial sacrifice. In this context, diversifying rental offerings to include both voucher and cash-paying options may be the most prudent strategy to balance income and occupancy.
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.