Location: Cleveland, OH | Metro: Akron, OH MSA
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 | $1,330 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,850 |
| 3 Bedrooms | $2,220 |
| 4 Bedrooms | $2,430 |
| 5 Bedrooms | $2,819 |
| 6 Bedrooms | $3,157 |
| 7 Bedrooms | $3,410 |
| 8 Bedrooms | $3,581 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,850 | $318,014 | 0.58% | F |
| 3BR | $2,220 | $371,377 | 0.6% | F |
| 4BR | $2,430 | $530,184 | 0.46% | F |
| 5BR | $2,819 | $658,916 | 0.43% | F |
U.S. Census Bureau data (2024)
The potential pitfalls for landlords investing in ZIP 44202 in Aurora, OH, under the Section 8 program are significant. First, tenant turnover is a critical issue. The market rent stands at $1,787, while the Fair Market Rent (FMR) for FY 2024 is set at $1,560. This discrepancy suggests that tenants might struggle to afford the higher market rates, leading to frequent moves and increased vacancy periods. With an average Days on Market (DOM) of just 11 days, the risk of extended vacancy periods is heightened, especially if a landlord relies solely on Section 8 tenants.
Second, deferred maintenance is another concern. The typical home value in ZIP 44202 is $406,801, yet the median household income is only $118,750. This indicates that many residents might not have the financial means to maintain their properties adequately, potentially resulting in higher repair costs and maintenance demands for landlords. It is essential to consider these factors when evaluating the condition of rental properties and setting aside funds for repairs and upkeep.
However, these risks must be weighed against the high concentration of renters in the area. The renter share of the population in ZIP 44202 is 14.8%, which is relatively high. A larger proportion of renters typically translates into greater demand for housing vouchers, such as Section 8. This demand can provide a steady stream of tenants willing to pay a consistent rent amount, mitigating some of the financial risks associated with fluctuating market conditions and tenant turnover.
In conclusion, the risks for a first-time Section 8 landlord in ZIP 44202 are moderate. While there are challenges related to tenant turnover and maintenance, the high renter density offers a counterbalance through increased voucher demand. Landlords should carefully manage their expectations and prepare for the unique demands of this market to succeed.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.