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 | $910 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,250 | $89,623 | 1.39% | A |
| 3BR | $1,600 | $152,321 | 1.05% | B |
| 4BR | $1,720 | $170,920 | 1.01% | B |
U.S. Census Bureau data (2024)
The ZIP code 44123, located in Euclid, OH, stands out within Cuyahoga County due to its unique demographic and economic profile. With a population of 18,050 residents, 54.6% of whom are renters, Euclid has a significant demand for rental housing. The median household income in the area is $55,676, while the median home value is notably higher at $137,655. This indicates a strong preference for homeownership among those who can afford it, but also a substantial number of renters who might be interested in Section 8 housing.
Moving into the specifics of voucher economics, the Fair Market Rent (FMR) for ZIP 44123 in fiscal year 2024 is set at $1,100. This figure is slightly above the current market rent, which is measured at $1,056 using the ZORI index. This suggests that landlords in Euclid can expect to receive a competitive rate when participating in the Section 8 program, potentially making it a favorable option for maintaining occupancy rates and ensuring steady income.
Given the data signature of ZIP 44123, the area appears to be stable rather than transitional. The relatively high median home value coupled with a significant percentage of renters points towards a balanced market where both rental and ownership opportunities exist. Landlords and small-portfolio investors should find the current environment conducive to long-term investment strategies, particularly with the support of Section 8 vouchers that align closely with market conditions.
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.