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 | $850 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,170 | $300,253 | 0.39% | F |
| 3BR | $1,500 | $408,175 | 0.37% | F |
| 4BR | $1,610 | $622,611 | 0.26% | F |
| 5BR | $1,868 | $736,017 | 0.25% | F |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $1080 for ZIP 44233 (Hinckley, OH) in fiscal year 2024, landlords can expect to receive a competitive subsidy. The Census American Community Survey (ACS) indicates a market rent of $2,096, suggesting that properties priced above the FMR can still attract private tenants willing to pay higher rates. Given the median home value of $500,170, it's evident that Hinckley is a desirable area, which supports higher rental prices. However, only 4.9% of the population are renters, indicating a smaller pool of potential Section 8 participants compared to other areas.
The median income in the area stands at $136,915, which is significantly higher than the national average. This figure suggests that residents have a strong financial standing, reducing the risk of default on rental payments. Despite the lack of specific data on days on market (DOM) and the percentage of price-cut shares, the high median income and market rent indicate a robust local economy capable of supporting both Section 8 and market-rate rentals.
Investors should note that while the demand for rental properties might be lower due to the low renter share, the overall economic health of the area provides a stable investment environment. The disparity between the FMR and market rent allows for flexibility in pricing strategies, catering to both government-subsidized and private tenants.
In conclusion, for ZIP 44233, the verdict on Section 8 participation is positive but cautious. Landlords can benefit from the guaranteed income, though they must be aware of the limited pool of eligible renters. The strong economic indicators suggest that even if some units are reserved for Section 8 tenants, the remaining properties can still command premium market rents.
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.