Location: Tuscarawas County, OH | Metro: Canton-Massillon, OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The Section 8 thesis in ZIP code 44612, which covers Bolivar, OH, highlights a significant gap between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR is set at $870, whereas the Census ACS reports the market rent at $791. This discrepancy amounts to a difference of $79 per unit, representing an 8.7% premium for landlords who accept Section 8 vouchers.
The higher FMR compared to the market rent means that voucher tenants can afford to pay more than what the average market rate suggests. In Bolivar, OH, where 33.2% of residents are renters and the median income stands at $85,208, landlords can leverage this premium to enhance their rental yields. The median home value in the area is $283,220, indicating a stable housing market that supports higher rental values.
Accepting Section 8 vouchers in this context becomes a strategic move for landlords aiming to maximize their returns. The $79 monthly premium translates into additional revenue over time, making it a lucrative option despite the administrative overhead associated with managing voucher properties. Moreover, the consistent payment structure of Section 8 vouchers provides financial stability, reducing the risk of non-payment or late payments from tenants.
In summary, the 8.7% premium offered by the FMR above the market rent in Bolivar, OH, positions Section 8 properties as a yield play. Landlords can benefit from higher rents while providing affordable housing options to low-income families, thereby contributing positively to the community's economic health.
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.