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 | $1,010 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,390 | $246,222 | 0.56% | F |
| 3BR | $1,780 | $342,748 | 0.52% | F |
| 4BR | $1,920 | $413,016 | 0.46% | F |
U.S. Census Bureau data (2024)
The Section 8 market analysis for ZIP code 44275, which encompasses Spencer, OH, and is part of the Medina County and Cleveland, OH HUD Metro FMR Area, reveals key insights for landlords and small-portfolio investors. The HUD Fair Market Rent (FMR) for this area is set at $1,030 per month for fiscal year 2024. In contrast, the Census ACS data indicates that the average market rent in this region stands at $1,172 per month.
This comparison suggests that voucher tenants will only cashflow at the HUD FMR rate if they occupy premium units. Landlords must ensure their properties meet high standards to command rents close to the market rate while still accepting vouchers. The median home value in ZIP 44275 is $322,062, leading to a rent-to-price ratio of approximately 0.3%, calculated by dividing the monthly rent ($1,030) by the median home value ($322,062) and multiplying by 12 months.
Note that the data does not provide specifics on the median Days on Market (DOM) or the percentage of homes that experienced price cuts. However, these metrics would be crucial in assessing the rent-versus-buy dynamics, particularly in understanding how quickly rental properties turn over compared to sales listings and the frequency of price adjustments in the local housing market.
The strongest angle for investors in ZIP 44275 is stability. With a relatively low rent-to-price ratio, investors can expect consistent occupancy rates and predictable cash flows from properties that align well with HUD FMR guidelines. This makes the area attractive for those seeking reliable long-term investments without the volatility often associated with rapidly appreciating markets.
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.