Section 8 Fair Market Rent (FMR) for ZIP 44306 - 2027
Location: Akron, OH | Metro: Akron, OH MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $810 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$41,688
Housing Authorities Serving ZIP 44306
A skeptical investor might raise several concerns regarding investing in ZIP 44306 (Akron, OH) for Section 8 properties. Let's address these concerns with the available data.
- Will FMR $980 (zip FY 2024) cover the mortgage on a $89,587 home?: According to the data, the Fair Market Rent (FMR) for ZIP 44306 in fiscal year 2024 is set at $980. This figure must be compared against the actual mortgage costs. A $89,587 home, assuming a typical 30-year fixed-rate mortgage at an average rate, would likely have a monthly mortgage payment that is significantly lower than $980. Therefore, the FMR should comfortably cover the mortgage expenses, leaving room for maintenance and other operational costs.
- Is there enough renter demand at 56.4%?: The renter demand in ZIP 44306 stands at 56.4%, which indicates a moderate level of demand. While this percentage is not exceptionally high, it suggests that there is a sufficient number of potential renters looking for housing. Additionally, the presence of a Section 8 program can stabilize occupancy rates and provide a steady stream of income, making it a viable investment even with moderate demand.
- Will vouchers keep pace with $1,037 market rents?: The Housing Choice Voucher Program aims to cover a significant portion of market rents, but the exact amount depends on the specific circumstances of the tenant and the local housing market conditions. In ZIP 44306, where the market rent is estimated at $1,037, the voucher may not fully cover this amount. However, landlords typically receive a combination of the tenant's contribution and the voucher subsidy, which together should equal the FMR. The program adjusts its payments annually based on changes in the housing market, ensuring that landlords are compensated appropriately.
The data does not fully address every concern, particularly regarding the precise mortgage payment for a $89,587 home. However, it does provide a basis for understanding the general viability of investing in ZIP 44306 through the lens of Section 8 properties.
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.