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 | $950 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,080 | $104,839 | 1.03% | B |
| 2BR | $1,310 | $176,931 | 0.74% | D |
| 3BR | $1,670 | $308,362 | 0.54% | F |
| 4BR | $1,810 | $469,827 | 0.39% | F |
| 5BR | $2,100 | $544,828 | 0.39% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP code 44133, which encompasses North Royalton, OH, within the Cleveland, OH HUD Metro FMR Area, does not work favorably for landlords. The Fair Market Rent (FMR) set at $1160 for the fiscal year 2024 contrasts sharply with the market rent of $1748 as indicated by ZORI. This discrepancy suggests that tenants receiving Section 8 vouchers might struggle to find rental properties that align with their financial assistance, thereby limiting their options.
Acquisition of rental properties in this area is relatively affordable. With a median home value of $335,093, potential landlords can expect a reasonable investment cost. Additionally, the average days on market (DOM) being 14 days indicates a brisk pace of sales, suggesting that homes are likely to be sold quickly once listed. The low 0.2% price-cut share further supports the notion that the market is stable and sellers do not often need to reduce their asking prices to make a sale.
Tenant demand in ZIP 44133 is present but limited. The area has a population of 31,018, with 28.3% of residents being renters. This translates to approximately 8,817 potential Section 8 tenants. However, the availability of suitable rental properties must be considered in light of the aforementioned rent discrepancies.
In conclusion, while there is a population of renters in North Royalton, OH, the mismatch between the FMR and market rents poses a significant challenge for landlords. The affordability of property acquisition is a positive factor, but the overall viability of Section 8 investments hinges on the willingness of landlords to accept lower rents or the ability of tenants to supplement their voucher amounts. Landlords should carefully evaluate these factors before making investment decisions in this area.
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.