Location: Akron, 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 | $980 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,360 | $167,453 | 0.81% | C |
| 3BR | $1,630 | $208,305 | 0.78% | D |
| 4BR | $1,790 | $217,928 | 0.82% | C |
| 5BR | $2,076 | $258,546 | 0.8% | C |
U.S. Census Bureau data (2024)
The median income in ZIP 44221, located in Cuyahoga Falls, OH, stands at $63,342. This figure is crucial when evaluating the affordability of housing in the area. The market rate for rent, known as the Zillow Observed Rent Index (ZORI), is currently set at $1,467 per month. When we compare this to the median income, it becomes evident that a significant portion of the household budget would be allocated towards rent alone.
To put this into perspective, a household earning the median income would spend approximately 29% of their monthly income on rent at the market rate. This exceeds the general guideline that no more than 30% of an individual’s income should go towards housing costs. Therefore, it is clear that the market rate of $1,467 presents a challenge for many residents in terms of affordability.
The federal government provides assistance through the Housing Choice Voucher Program, which pays a maximum amount based on the Fair Market Rent (FMR). For ZIP 44221 in fiscal year 2024, the FMR is set at $1,130. This means that for a household receiving a voucher, the maximum rent they could pay would be $1,130. This is notably lower than the market rate, indicating a substantial gap between what landlords might charge and what is considered affordable by the government standards.
The rental market in ZIP 44221 is quite active, with 38.5% of the population renting their homes. Given a total population of 28,546, this translates to roughly 10,989 renters. The affordability gap, where market rates exceed government-assisted rates, suggests a competitive landscape for landlords who aim to attract tenants willing to pay the market rate. On the other hand, landlords who accept vouchers may find themselves with a more stable tenant base but at a lower rent rate.
In conclusion, landlords in ZIP 44221 must carefully consider their strategy regarding accepting vouchers versus seeking cash-paying tenants. While cash-paying tenants might offer higher rents, the significant portion of the population that relies on government assistance highlights the potential benefits of accepting vouchers. Landlords should weigh the advantages of higher immediate revenue against the security and stability provided by voucher tenants, who are less likely to default on rent payments due to financial constraints.
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.