Location: Wayne County, 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 | $790 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,130 | $222,539 | 0.51% | F |
| 3BR | $1,370 | $324,665 | 0.42% | F |
| 4BR | $1,590 | $402,692 | 0.39% | F |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $990 for ZIP 44214 (Burbank, OH) in fiscal year 2024 will sufficiently cover the mortgage on a home valued at $300,738. While the FMR figure is indeed lower than the median home value, it's important to note that the median home value reflects the overall real estate market, which includes owner-occupied homes. Rental properties often have lower values due to factors such as age, condition, and location. Additionally, the FMR is intended to reflect the typical rent for a two-bedroom apartment, which could be significantly less than the mortgage payment on a single-family home. To fully assess this, one would need to consider the specific mortgage terms and local property tax rates.
The rental vacancy rate of 9.7% in ZIP 44214 could lead an investor to wonder if there is sufficient demand for rental properties. A vacancy rate above 5% generally indicates a less favorable rental market. However, it's crucial to understand the context behind this statistic. A higher vacancy rate could be due to seasonal fluctuations, economic conditions, or an oversupply of rental units. Investors should also look at trends in the job market and population growth, which can provide insights into future demand. The data does not offer a comprehensive view of these factors, so further research is recommended.
Concerns might arise regarding whether the Section 8 voucher program will keep pace with market rents of $994. The effectiveness of vouchers in covering market rents depends on the specific terms of the program and any adjustments made to voucher amounts. According to the Affordable Housing Hub, the Section 8 Housing Choice Voucher Program in Ohio aims to assist low-income families in affording decent housing. However, the provided data does not specify the exact amount of the vouchers in ZIP 44214. Therefore, it's uncertain if they will fully cover the market rents without additional information on voucher amounts and their adjustment mechanisms.
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.