Section 8 Fair Market Rent (FMR) for ZIP 44308 - 2027
Location: Akron, OH | Metro: Akron, OH MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,120 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$11,956
ZIP code 44308, located in East Cleveland, Ohio, is a neighborhood characterized by a high concentration of renters and moderate housing costs. The area offers opportunities for landlords and small-portfolio investors looking to enter a market with a strong rental demand.
- The Fair Market Rent (FMR) for ZIP 44308 in fiscal year 2024 is set at $1,210. This figure represents the maximum amount that a low-income household should pay for rent and utilities.
- The average market rent in the area is $1,268, according to recent Census ACS data, indicating that rents are slightly above the FMR but remain competitive within the local market.
- A staggering 95.4% of residents in ZIP 44308 are renters, which underscores the robust demand for rental properties and suggests that vacancy rates are likely to be low.
- The median income for the area is $11,956, which is significantly below the national average. This could influence the type of tenants landlords might expect and the rental price points they can target.
- While the median home value is not available, the high percentage of renters indicates that the area may not have a large number of owner-occupied homes, making it less attractive for those looking to invest in property flipping or single-family rentals.
- The Days on Market (DOM) data is also not available, but given the high renter share, it's reasonable to infer that rental properties move quickly once they're listed, reducing the time landlords spend waiting for tenants.
The combination of a high renter share and relatively affordable rents makes ZIP 44308 a viable option for investors focused on the rental market. However, the low median income highlights the importance of understanding the local tenant demographics and setting realistic rental expectations. Landlords should prepare for a market where rental properties are in high demand but must be priced competitively to attract and retain tenants.
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.