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 | $930 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,280 | $105,687 | 1.21% | A |
| 3BR | $1,640 | $164,306 | 1% | C |
| 4BR | $1,760 | $168,014 | 1.05% | B |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 44132, Euclid, Ohio, in fiscal year 2024 is set at $1,100. This figure represents the payment standard for Section 8 vouchers, meaning that if you participate in the program, this is the maximum amount the Housing Choice Voucher program will pay toward a tenant's rent. However, it does not necessarily mean your tenants will only pay $1,100 per month. The tenant is responsible for paying a portion of the rent, typically around 30% of their income, which can vary.
In comparison, the local Zillow Observed Rent Index (ZORI) for ZIP 44132 stands at $1,476. This indicates that the average market rent is higher than the Section 8 payment standard. As a landlord, you should be aware that participating in the Section 8 program might mean accepting a lower rent compared to the typical market rate. However, the program offers stability and consistent rent payments through government subsidies.
The rental share in Euclid is 56.2%, suggesting a strong demand for rental properties in the area. This high percentage indicates that over half of the households in the ZIP code are renters, making it a viable market for rental investments. Additionally, the median home value in the area is approximately $148,134, which can help inform your decision on the acquisition cost of a property. When purchasing a property for a Section 8 rental, ensure the price aligns with the local market values to avoid overpaying.
Before committing to a Section 8 rental, verify that the property meets all local housing quality standards, known as the Housing Quality Standards (HQS). These standards are set by the Department of Housing and Urban Development (HUD) and must be met for the property to qualify for the program. Ensuring compliance with these standards is critical to securing a contract with the Section 8 program.
In summary, while the FMR of $1,100 is lower than the local market rent of $1,476, the high rental share and stable income from the program make it an attractive option for landlords. With a median home value of $148,134, Euclid presents a reasonable entry point for first-time Section 8 investors. Just remember to check that your property meets the necessary HQS requirements.
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.