Location: Cleveland, OH | Metro: Cleveland, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 44129, located in Parma, OH, within the Cleveland, OH HUD Metro FMR Area, reveals that the HUD Fair Market Rent (FMR) of $1100 for FY 2024 is below the current market rent, which stands at $1,222 (ZORI). This means that landlords accepting Section 8 vouchers will experience marginal cash flow, as the FMR is slightly lower than what the market can bear.
To derive the rent-to-price ratio, we consider the median home value of $204,162. The ratio indicates that the monthly rent ($1,222) represents approximately 0.6% of the median home value. This suggests that rental income in this area is relatively low compared to the value of owner-occupied homes, which could be a consideration for investors looking to balance between rental income and potential property appreciation.
The rental market dynamics are also reflected in the days on market (DOM) and price-cut share. With a median DOM of 9 days and only 0.2% of listings requiring a price cut, the rental market is robust and competitive, indicating strong demand for rental properties. However, these figures do not directly impact the decision to accept Section 8 vouchers, but they do provide context about the overall health of the rental market.
In conclusion, while the HUD FMR of $1100 is slightly below the market rent of $1,222, landlords in ZIP 44129 can still achieve marginal cash flow with Section 8 tenants. The strongest investor angle in this market is likely stability, given the consistent demand and quick turnover times for rentals.
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.