Location: Cleveland, OH | Metro: Cleveland, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,070 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,470 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) set at $1310 for ZIP 44124 in Mayfield Heights, OH, landlords and small-portfolio investors can expect to receive this amount per unit for Section 8 housing vouchers in fiscal year 2024. The Zillow Observed Rent Index (ZORI), which stands at $1,461, indicates that the market rent slightly exceeds the FMR, suggesting a competitive rental environment. The median home value of $248,415 provides a benchmark for property values in the area, though it's important to note that only 35.6% of residents are renters, indicating a significant portion of homeownership. Median income in the area is $82,392, a figure that helps determine the eligibility threshold for potential tenants seeking Section 8 assistance. With an average Days on Market (DOM) of 20 days, properties are moving quickly, which is positive for landlords looking to minimize vacancy periods. However, the low price-cut share of 0.2% suggests that landlords who list their properties at fair market rates are likely to find tenants without needing to reduce their asking price. Given these figures, the verdict for Section 8 participation in Mayfield Heights, OH, is favorable, with a strong alignment between FMR and market rents, coupled with quick property turnover and minimal need for price adjustments.
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.