Location: Cleveland, 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 | $1,000 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,390 | $232,666 | 0.6% | F |
| 3BR | $1,670 | $354,869 | 0.47% | F |
| 4BR | $1,830 | $513,848 | 0.36% | F |
| 5BR | $2,123 | $805,044 | 0.26% | F |
U.S. Census Bureau data (2024)
Investors considering Fairlawn, OH (ZIP 44333) often raise several key concerns. One common objection is whether the Fair Market Rent (FMR) of $1,100 for the fiscal year 2024 will sufficiently cover the mortgage on a $412,060 home. According to recent data, the median monthly housing cost in Fairlawn is $1,242, which includes both mortgage and non-mortgage housing expenses. For a $412,060 home, the typical monthly mortgage payment could be around $1,700 based on current average mortgage rates of 5.5%. This means that the FMR of $1,100 would not cover the mortgage payment alone, let alone other expenses such as maintenance and property taxes.
Another concern is the level of renter demand, which stands at 14.7%. To evaluate this, we must consider the overall rental market trends. Recent statistics show that the average rent for an apartment in Fairlawn has decreased by 30% compared to the previous year, now averaging around $960. This suggests that while the percentage of renters is relatively low, the actual rental demand might still be strong due to the affordability of the average rent price. However, it is important to note that this data does not provide a complete picture of the rental market dynamics, such as vacancy rates or competition levels among rental properties.
A final point of contention is the ability of housing vouchers to keep pace with market rents, which average $1,411. While the FMR set by HUD is intended to reflect the reasonable cost of rental housing, it often lags behind actual market conditions. In Fairlawn, the discrepancy between the FMR and the market rent is significant, indicating that voucher holders may struggle to find suitable housing. This can be a challenge for landlords who rely on voucher tenants. It is worth noting that the data does not specify how quickly housing vouchers adjust to market conditions, so there is some uncertainty regarding future trends.
In summary, while Fairlawn, OH presents certain challenges for real-estate investors, particularly in terms of covering mortgage payments and the pace of voucher adjustments, the relatively low rental prices might still attract demand. Careful consideration of these factors is necessary when making investment decisions in this area.
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.