Location: Akron, OH | Metro: Akron, OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
U.S. Census Bureau data (2024)
ZIP code 44303, located in Akron, OH, is part of Summit County and has a distinct profile among rental markets. With a population of 7,323 residents, it stands out due to its high rental rate of 48.8%, significantly above the national average. The median household income here is $69,743, which is relatively modest compared to other urban areas. Notably, the median home value in this ZIP is $249,942, indicating that while homeownership is present, the rental sector remains a critical component of the local housing economy.
The economic dynamics of the rental market in 44303 are heavily influenced by Section 8 vouchers. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $950, whereas the Zillow Observed Rent Index (ZORI) reflects a slightly higher market rent of $1,003. This suggests that landlords who accept Section 8 vouchers can expect to receive a monthly payment that is just under the typical market rent, making the area attractive for both voucher holders and landlords. The difference between the FMR and ZORI indicates a balanced opportunity where landlords can maintain profitability while providing affordable housing options.
Based on the data signature, ZIP 44303 presents a stable environment for landlords and small-portfolio investors. The significant portion of renters, combined with the manageable gap between the FMR and market rents, supports a consistent demand for rental properties. While the median income is moderate, the high rental rate and the alignment of voucher payments with market conditions suggest a steady flow of tenants and a predictable financial outlook for property owners. This stability is further reinforced by the median home value, which, although lower than some other areas, still offers a reliable investment climate. Overall, the ZIP code's characteristics indicate a market that is unlikely to undergo major transitions in the near future, making it a solid choice for those seeking a stable rental investment in Akron, OH.
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.