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 | $720 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,200 | $128,124 | 0.94% | C |
| 4BR | $1,320 | $151,030 | 0.87% | C |
U.S. Census Bureau data (2024)
The ZIP code 44302 is situated in a neighborhood that predominantly consists of residents who rent their homes. With a total population of 5,474, over half—53.9%—are renters, indicating a significant demand for rental properties. The median household income in this area is $42,400, which is relatively modest compared to national averages, suggesting that many residents rely on affordable housing options. The median home value stands at $131,920, reflecting an overall lower cost of living and property ownership.
When it comes to rent economics, the Fair Market Rent (FMR) for ZIP 44302 in fiscal year 2024 is set at $930. This figure represents the maximum amount that a Section 8 tenant can pay towards their rent. In contrast, the market rent, as measured by ZORI (Zillow Observed Rent Index), is $1,033. This means that landlords participating in the Section 8 program will receive a slightly lower rent compared to the market rate, but still a stable and government-backed income stream.
Given these figures, ZIP 44302 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the stability and predictability of Section 8 rents provide a reliable income source without the need for constant tenant screening or rent collection efforts. The difference between the FMR and market rent also offers some flexibility in managing maintenance costs and property taxes.
On the other hand, value-add buyers can leverage the existing Section 8 infrastructure while looking to increase the property's appeal and value through renovations or improvements. Given the high percentage of renters and the moderate median income, there is potential to attract tenants willing to pay closer to the market rate once the property is upgraded, thus increasing profitability beyond the standard Section 8 rent limits.
In summary, ZIP 44302 presents a balanced opportunity for Section 8 investors, offering both stability and potential for growth depending on the level of engagement desired in property management and enhancement.
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.