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 | $1,270 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,750 |
| 3 Bedrooms | $2,240 |
| 4 Bedrooms | $2,420 |
| 5 Bedrooms | $2,807 |
| 6 Bedrooms | $3,144 |
| 7 Bedrooms | $3,396 |
| 8 Bedrooms | $3,566 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,750 | $285,419 | 0.61% | D |
| 3BR | $2,240 | $361,478 | 0.62% | D |
| 4BR | $2,420 | $533,636 | 0.45% | F |
| 5BR | $2,807 | $664,615 | 0.42% | F |
U.S. Census Bureau data (2024)
The ZIP code 44140, located in Bay Village, Ohio, has a population of 15,984. Only 8.6% of residents are renters, indicating that this is primarily a homeowner-dominated area rather than a renter-heavy market. The median household income stands at $132,254, which is notably high compared to the national average.
In terms of rental costs, the typical market rent is $894. This represents approximately 6.7% of the median household income in the area. Given the substantial median income, this percentage suggests that most residents can afford housing without the need for rental assistance programs such as Section 8.
The Fair Market Rent (FMR) for ZIP 44140 is set at $1,470 for FY 2024. This figure is significantly higher than the actual market rent, reflecting the relatively affluent nature of the community and the limited demand for rental subsidies. The gap between the FMR and the market rent also indicates that properties priced at the FMR level may struggle to attract tenants in this area.
Landlords and small-portfolio investors operating in ZIP 44140 should expect tenants who are financially stable and likely to have incomes above the poverty line. These tenants may be looking for shorter-term rentals or specific amenities that justify paying closer to the FMR. However, due to the low percentage of renters and the high median income, relying solely on Section 8 vouchers would not be a viable strategy for filling vacancies. Instead, landlords should focus on attracting tenants who can afford the higher rents reflective of the area's economic status.
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.