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 | $780 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $172,573 | 0.64% | D |
| 3BR | $1,350 | $279,810 | 0.48% | F |
| 4BR | $1,560 | $316,665 | 0.49% | F |
U.S. Census Bureau data (2024)
The median income in ZIP 44217, Creston, OH, stands at $73,603. This figure provides a baseline for understanding the financial capabilities of the typical household in this area. The market rate for rent, according to the Census ACS, is $928 per month. When comparing this rate to the median income, it becomes evident that the average household would find it challenging to cover the cost of housing without significant budget constraints. A household earning the median income would need to allocate approximately 16% of their gross monthly income to meet the market rate, which is above the commonly recommended threshold of 30% of net income for housing expenses.
The Fair Market Rent (FMR) for ZIP 44217 in fiscal year 2024 is set at $970. This is slightly higher than the current market rate but still within reach for many households. However, the FMR represents the maximum amount that a voucher holder can pay towards rent, meaning landlords who accept vouchers must be willing to accept a lower rent payment than the market rate. This difference highlights an affordability gap for both renters and landlords.
In ZIP 44217, only 11.1% of the population are renters, indicating a relatively low demand for rental properties compared to areas with higher percentages of renters. With a total population of 3,804, this translates to roughly 422 renters. The low percentage of renters and the limited number of rental units suggest a competitive environment for landlords, where attracting tenants might require offering more affordable options or additional amenities.
The takeaway for landlords considering whether to accept voucher payments or focus on cash-paying tenants is clear. Accepting vouchers means securing a steady stream of tenants through a government-backed program, albeit at a lower rate than the market. On the other hand, targeting cash-paying tenants could result in higher rents but also greater competition for those few available renters. Landlords should consider the balance between these two strategies based on the specific dynamics of ZIP 44217, including the high proportion of homeowners and the median income levels. By understanding the local market, landlords can make informed decisions that align with their financial goals and the realities faced by potential tenants.
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.