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 | $1,390 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,440 |
| 4 Bedrooms | $2,630 |
| 5 Bedrooms | $3,051 |
| 6 Bedrooms | $3,417 |
| 7 Bedrooms | $3,690 |
| 8 Bedrooms | $3,875 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,910 | $277,416 | 0.69% | D |
| 3BR | $2,440 | $452,399 | 0.54% | F |
| 4BR | $2,630 | $573,156 | 0.46% | F |
| 5BR | $3,051 | $630,865 | 0.48% | F |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP code 44280, which falls under the Valley City, OH, Medina County, Cleveland, OH HUD Metro FMR Area, is set at $1,660 for the fiscal year 2024. This figure is slightly below the market rent reported by the Census ACS, which stands at $1,726. As such, landlords participating in the Section 8 program can expect to break even or achieve marginal cash flow at the HUD FMR rate, given the slight gap between the FMR and market rent.
To further understand the investment potential, consider the median home value in ZIP 44280, which is $480,597. Using this data, we can calculate the rent-to-price ratio, which is an important metric for evaluating the attractiveness of rental properties in a given area. The rent-to-price ratio for this ZIP code is approximately 0.36%, calculated by dividing the annual market rent ($1,726 * 12 months) by the median home value. This low ratio suggests that the rental market is less competitive relative to the home purchase market, making it a potentially favorable environment for landlords seeking steady cash flow.
The dynamics between renting and buying are crucial for investors, but the data shows that the median days on market (DOM) and the percentage of price cuts are not available for ZIP 44280. However, the lack of these metrics does not necessarily indicate poor performance; it could simply mean that the market is stable and sellers are able to find buyers without significant adjustments to their asking prices.
In conclusion, for Section 8 investors looking at ZIP code 44280, the strongest angle is likely to be cash flow. While the HUD FMR is just below the market rent, the low rent-to-price ratio indicates that the rental market is not as saturated as the home purchase market, providing a reliable source of income for landlords who can manage their properties efficiently.
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.