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 | $970 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,340 | $181,731 | 0.74% | D |
| 3BR | $1,710 | $220,020 | 0.78% | D |
| 4BR | $1,850 | $245,332 | 0.75% | D |
| 5BR | $2,146 | $271,176 | 0.79% | D |
U.S. Census Bureau data (2024)
The ZIP code 44142, located in Brookpark, OH, presents a dynamic rental market characterized by several key metrics. The Fair Market Rent (FMR) for the area stands at $1,160 for fiscal year 2024, while the Zillow Observed Rent Index (ZORI) indicates a slightly higher market rent of $1,416. This suggests that the actual market rents are above the government's fair market assessment, hinting at a robust demand for rental properties.
A further indicator of strong demand is the low price-cut share of 0.2%, which implies that landlords rarely need to lower their asking rents to attract tenants. Additionally, the 9-day Days on Market (DOM) statistic shows that properties are quickly leased, reinforcing the notion that demand is high relative to supply.
The median home value in ZIP 44142 is $211,771, which places it below many other areas in Ohio, making homeownership relatively accessible. However, the 17.4% renter share highlights that a significant portion of the population prefers or is compelled to rent rather than buy. This can indicate either financial constraints or lifestyle preferences, but in either case, it points towards a sustained long-term pressure on the rental market.
In summary, the current snapshot of ZIP 44142 suggests that demand for rentals outpaces supply. The high market rents compared to the FMR, the minimal need for price cuts, and the quick leasing times all point to a tight rental market. The substantial renter share adds to the understanding that there is a considerable segment of the population relying on the rental sector, which could continue to exert upward pressure on rents over the long term.
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.