Section 8 Fair Market Rent (FMR) for ZIP 44438 - 2027

Investment Score for ZIP 44438

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

If a landlord is considering purchasing a property in ZIP code 44438 (Masury, OH) for Section 8 investment, they must evaluate several key factors based on the most recent data available. The first step is to determine if the Fair Market Rent (FMR) of $890 for the fiscal year 2024 can cover the debt service on a property valued at $91,151. Given that the FMR does not include utilities and other expenses, it's crucial to ensure that the rental income at this rate can sustain the mortgage payments and other costs associated with the property.

The second factor to consider is how the FMR compares to the market rent. In Masury, OH, the average market rent is $770 according to the Census ACS. This means the FMR is higher than the market rent, which could be seen as advantageous because it provides a buffer against potential decreases in market rents. However, if the market rent is significantly lower, it might indicate challenges in finding tenants willing to pay the FMR.

The third consideration is the level of demand. In ZIP 44438, 34.0% of residents are renters. Additionally, the Days on Market (DOM) data is not available, which makes it difficult to assess the speed at which properties are rented out. Despite this gap in information, the high percentage of renters suggests there is a substantial base of potential tenants.

Decision Tree:

• If the answer to the first question is yes: The FMR of $890 is sufficient to cover the debt service on a $91,151 property, making it financially viable for Section 8 investment. Proceed to the second question.
• If the answer to the first question is no: The FMR of $890 is insufficient to cover the debt service on a $91,151 property. Do not invest in this area for Section 8 purposes.
• If the answer to the second question is that the market rent is below FMR: The market rent being below FMR ($770 vs. $890) indicates that while the FMR offers a higher rate, there may be resistance from tenants to pay above the market rate. Consider the local economic conditions and tenant preferences before proceeding.
• If the answer to the second question is that the market rent is equal to or above FMR: This would suggest strong demand for housing at or near the FMR, which is favorable for Section 8 investments. Move on to the third question.
• If the answer to the third question is yes: With 34.0% of residents being renters, there is a solid demand base. Although the DOM data is missing, the high percentage of renters implies a good chance of finding tenants. Invest in this area for Section 8 purposes.
• If the answer to the third question is no: While the percentage of renters is high, the lack of DOM data leaves uncertainty about the speed of renting out properties. It depends on the landlord's risk tolerance and ability to manage potentially longer vacancy periods.

In conclusion, the viability of investing in ZIP 44438 for Section 8 purposes hinges on the answers to these gating questions. A positive outcome on all fronts would support an investment decision, whereas negative outcomes on any single point would advise caution or avoidance.

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.