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 | $960 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,700 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,330 | $160,409 | 0.83% | C |
| 3BR | $1,700 | $251,760 | 0.68% | D |
| 4BR | $1,830 | $325,385 | 0.56% | F |
U.S. Census Bureau data (2024)
The potential risks for a Section 8 landlord investing in ZIP code 44215, located in Chippewa Lake, Ohio, include higher tenant turnover rates due to the difference between the market rent of $1,113 and the Fair Market Rent (FMR) of $1,190 for FY 2024. This discrepancy can lead to frequent changes in occupancy, which may result in increased administrative costs and maintenance needs. Additionally, the vacancy exposure is heightened by the lack of available data on the number of days properties remain on the market (DOM), indicating uncertainty around how quickly a property might be rented out once it becomes vacant.
Deferred maintenance is another significant risk factor. With a typical home value of $210,339 and a median household income of $80,893, there is a considerable gap that could affect the ability of tenants to cover non-rent related expenses, such as repairs and upkeep. This financial disparity suggests that landlords may need to invest more in maintaining the property's condition to ensure compliance with housing standards.
However, these risks must be weighed against the favorable conditions present in the area. The 12.1% renter share indicates a high concentration of renters, which typically translates into a robust demand for rental properties, including those that accept Section 8 vouchers. This strong rental market can help mitigate the impact of higher turnover and vacancy rates, as there is likely to be a steady stream of interested tenants.
In conclusion, the overall risk for a first-time Section 8 landlord in ZIP code 44215 is moderate.
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.