Location: Canton-Massillon, OH | Metro: Canton-Massillon, OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
The Fair Market Rent (FMR) for ZIP code 44630 in fiscal year 2024 is set at $910. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 program, which is the amount landlords can expect to receive from the government for a voucher holder's rent. It is important to note that this is not the actual rent you will charge your tenant; it is the maximum amount the government will pay.
To put this into perspective, the local median rent for ZIP 44630 is currently N/A. This means that the FMR is specifically tailored to ensure that rents are affordable for low-income families, often falling below market rates. However, the demand for rental properties in this area is high, with N/A% of residents being renters. This indicates a strong potential for occupancy if you decide to participate in the Section 8 program.
When acquiring a property in ZIP 44630 for a Section 8 rental, consider that the average home price is N/A. While this might seem like a significant investment, the stability of rental income from the Section 8 program can provide a reliable cash flow. Additionally, the program covers a portion of the rent, so landlords should be prepared to charge tenants a portion of the difference between the FMR and the actual market rent, known as the tenant's share.
Before committing to a Section 8 rental, it is crucial to verify that your property meets HUD’s Housing Quality Standards (HQS). These standards ensure that the property is safe, decent, and sanitary for occupants. Failure to meet these standards can result in penalties and loss of rental income. Once your property passes inspection, you can confidently proceed with listing it under the Section 8 program.
Data Sources: FMR data from HUD (2027).
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.