Location: Canton-Massillon, OH | Metro: Canton-Massillon, OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
The Section 8 thesis for ZIP code 44648 is based on the discrepancy between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR is set at $910. However, the market rent data is currently unavailable, which means we cannot calculate the exact gap in dollars or percentage. Nonetheless, it's important to understand the implications of this gap for landlords and small-portfolio investors.
If the FMR exceeds the market rent, this scenario presents an opportunity for landlords to increase their yields by participating in the Section 8 program. Voucher tenants can provide a steady stream of rental income that is guaranteed by the government, ensuring that landlords receive the full FMR amount even if it's higher than what the open market would bear. This stability is particularly beneficial in a context where the percentage of renters and median home values are unknown, and the median income is unspecified, making it difficult to predict the financial behavior of potential tenants.
In contrast, if the FMR is below the market rent, landlords must consider the cost of accepting housing voucher tenants. The difference between the FMR and the market rent represents the amount of money landlords might lose per unit compared to renting to open-market tenants. For instance, if the market rent were hypothetically $1,200, landlords would be accepting a loss of $290 per unit, or approximately 32%, when taking voucher tenants. This cost must be weighed against the benefits of guaranteed income and reduced vacancy risk.
The analysis of this gap is anchored in the broader context of Unknown, OH. With the percentage of renters and median home value being unavailable, the median income also remains unspecified. These unknowns add layers of complexity to the decision-making process for landlords and investors, who must balance the risks and rewards of participating in the Section 8 program against the uncertainty of the local housing market.
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.