Location: Wayne County, OH | Metro: Ashland County, OH
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 | $920 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,540 | $362,842 | 0.42% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 44638 reveals key insights into its viability for Section 8 landlords and small-portfolio investors. First, regarding the rent math, the Family Monthly Rent (FMR) for the metro area in fiscal year 2026 is set at $1,040. This figure is slightly higher than the current market rent of $1,014, as reported by the Census ACS. This indicates that the rent math does indeed work, as the FMR exceeds the market rent, providing a positive margin for landlords participating in the Section 8 program.
Second, the acquisition cost is reasonable with a median home value of $293,131. Although the data on days on market (DOM) and the percentage of homes needing price cuts is unavailable, the median home value suggests that purchasing properties in this ZIP code is feasible for investors looking to acquire rental units without overextending their budgets. The affordability of the median home value means that it is possible to find homes below this average, which could be particularly advantageous for investors aiming to maximize their returns.
Third, there is a significant tenant demand in ZIP 44638. With a total population of 1,411 and a renter share of 19.6%, there are approximately 277 renters in the area. Given the size of the population, this represents a notable segment that could be interested in Section 8 housing. Landlords who can offer suitable units may find themselves in high demand, especially if they position their properties well within the community.
Verdict: ZIP code 44638 presents a favorable environment for Section 8 landlords and small-portfolio investors. The rent math works in your favor, with the FMR exceeding the current market rent. Acquisition costs are reasonable, making it possible to buy properties without financial strain. Lastly, there is a clear tenant demand, with nearly 20% of the population being renters. These factors collectively suggest a strong potential for success in this market.
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.