Location: Tuscarawas County, OH | Metro: Tuscarawas County, OH
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
U.S. Census Bureau data (2024)
When considering whether to invest in ZIP code 44653 for Section 8 properties, follow this decision tree:
1) Does the Fair Market Rent (FMR) of $1,130 clear debt service on a property?
If the property's debt service is lower than $1,130, then the answer is yes. The FMR represents the maximum rental payment that can be expected from a Section 8 voucher holder. If the debt service exceeds this amount, the answer is no, as the landlord would not be able to cover their expenses solely through the FMR.
2) Is the market rent of $908 above, at, or below the FMR?
The market rent is below the FMR. This means that landlords could potentially charge more than what they might receive from a Section 8 tenant. However, if the goal is to attract Section 8 tenants, the rent must not exceed $1,130. Otherwise, landlords should consider the broader market and whether they can attract non-Section 8 tenants willing to pay the higher FMR.
3) Are 24.3% renters combined with N/A-day days on market (DOM) enough demand?
The percentage of renters in ZIP 44653 is 24.3%. While this figure indicates a significant portion of the population rents, the exact number of days on market (DOM) is missing. To make an informed decision, you need to assess whether the DOM is short enough to ensure quick turnover and stable occupancy rates. If the DOM is low, indicating high demand, then the answer is yes. A high DOM suggests less demand, leading to a no. If the DOM is moderate, the answer is it depends, as you must weigh the benefits of Section 8 against the potential for vacancy periods.
Given these points, if a landlord's property has a debt service lower than $1,130, the market rent is below the FMR, and the DOM is low, then the answer is yes, the landlord should consider buying in ZIP 44653. If any of these conditions are not met, especially if the DOM is high, the answer shifts to no or it depends, respectively.
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.