Location: Youngstown-Warren, OH | Metro: Youngstown-Warren, OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The ZIP code 44503 presents a challenging environment for renters due to the significant disparity between median income and market rent rates. Households earning a median income of $12,274 annually find it difficult to meet the market rate of $402 per month, according to the Census ACS data. This places a heavy financial burden on residents, who must allocate a substantial portion of their earnings towards housing.
In contrast, the Housing Choice Voucher program offers a more affordable option. The Fair Market Rent (FMR) for ZIP 44503 in fiscal year 2024 is set at $920. This means that voucher holders can secure housing at a rate that is significantly lower than the market rate, making it easier for them to manage other expenses.
The area has a high concentration of renters, with 100% of the 938 residents renting their homes. This indicates a strong rental market but also suggests fierce competition among landlords to attract tenants. Given the economic constraints faced by many residents, landlords must consider the balance between accepting vouchers and seeking higher rents from those able to pay.
The affordability gap in ZIP 44503 highlights the importance of flexibility in rental strategies. Landlords should recognize that while the market rate may seem attractive, the reality of local incomes could limit the pool of potential tenants willing or able to pay such rates. Accepting vouchers can be a viable strategy to ensure consistent occupancy and stable cash flow, even if it means setting rents closer to the FMR rather than the higher market rate.
Takeaway: For landlords and small-portfolio investors in ZIP 44503, adopting a mixed strategy that includes both voucher and cash-paying tenants is advisable. This approach can help mitigate risks associated with tenant turnover and economic instability, while still allowing for opportunities to capture higher rents when possible.
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.