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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,170 | $113,770 | 1.03% | B |
| 3BR | $1,500 | $143,966 | 1.04% | B |
| 4BR | $1,610 | $162,914 | 0.99% | C |
| 5BR | $1,868 | $190,762 | 0.98% | C |
U.S. Census Bureau data (2024)
46.7% of residents in ZIP code 44119, Cleveland, OH, are renters, indicating a strong demand for rental properties. The $1,204 market rent (ZORI) is slightly above the $1000 Fair Market Rent (FMR), which is set for zip FY 2024. This suggests that landlords can charge a premium over the FMR for their properties, but they should be aware of the $44,077 median income, which could impact tenants' ability to pay higher rents. Despite the relatively low median income, the $133,493 median home value indicates that there is some financial stability in the area. The 0.2% price-cut share signals that few landlords are forced to reduce their asking prices, which is a positive sign for maintaining rental rates. Given these factors, it's clear that the rental market in 44119 is robust and competitive, with a slight edge towards higher market rents. However, the economic realities of the area, particularly the median income, suggest that landlords must balance their rent pricing carefully. For those interested in Section 8 participation, the $1000 FMR provides a baseline for what is considered affordable housing in the area. Landlords should also consider that the Section 8 program will cover a significant portion of the rent, making it a viable option for both tenants and property owners.
A final verdict on Section 8 participation in ZIP 44119 would be that it is a reasonable choice for landlords looking to ensure steady occupancy and income, especially given the strong renter share and the fact that the FMR is below the market rent, providing an opportunity to serve lower-income families without sacrificing too much potential revenue.
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.