Section 8 Fair Market Rent (FMR) for ZIP 44250 - 2027

Location: Akron, OH | Metro: Akron, OH MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$890
1 Bedroom	$960
2 Bedrooms	$1,240
3 Bedrooms	$1,480
4 Bedrooms	$1,630
5 Bedrooms	$1,891
6 Bedrooms	$2,118
7 Bedrooms	$2,287
8 Bedrooms	$2,401

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,745

Median Household Income

$66,328

Housing Units

801

Renter Percentage

22.5%

Occupancy Rate

87.8%

Renter Occupied

158

Housing Authorities Serving ZIP 44250

Akron Metropolitan Housing Authority (Akron, OH) - 5,438 Section 8 vouchers

The ZIP code 44250, located in Lakemore, Ohio, is a suburban area characterized by its modest housing values and a significant portion of renters. This region offers opportunities for investors interested in affordable housing markets, particularly those aligned with government assistance programs such as Section 8. Below is a detailed market analysis based on key economic indicators.

The Fair Market Rent (FMR) for ZIP 44250 in fiscal year 2024 is set at $1040. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit, providing a benchmark for rental pricing in subsidized housing.
The market rent, as reported by the Census American Community Survey, stands at $1,074. This slightly exceeds the FMR, indicating a competitive local rental market where unsubsidized units may command higher rents.
The median home value in the area is $107,908, which is relatively low compared to many other suburban areas, making it attractive for first-time homebuyers and investors looking for affordable properties.
Renters make up 22.5% of the housing market, suggesting a substantial demand for rental properties. This percentage also implies that there are enough residents who might benefit from Section 8 assistance, thereby supporting the rental market.
The median income in ZIP 44250 is $66,328. While this is below the national average, it is still sufficient for many households to qualify for Section 8 subsidies, ensuring a stable tenant base.
Note that the Days on Market (DOM) for rentals is listed as N/A, which means there is no readily available data on how quickly rental properties are typically leased in this area. This could indicate a less active rental market or a lack of comprehensive data.

Investors in ZIP 44250 should focus on properties that align closely with the FMR to maximize their chances of securing Section 8 tenants. The slight premium in market rents over FMR suggests potential for both subsidized and unsubsidized rental opportunities. Given the median home value and income levels, there is a strong foundation for affordability, making the area suitable for those targeting lower-income tenants. However, the absence of DOM data indicates a need for further research into the local leasing dynamics to understand the speed at which properties are typically occupied.

Data Sources: FMR data from HUD (2027). 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.