Location: Wayne County, OH | Metro: Wayne County, OH
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 44659 reveals key insights into its viability for Section 8 real-estate investment. First, let's address whether the rent math works. The Fair Market Rent (FMR) for the area, set at $990 for fiscal year 2026, is notably lower than the market rent of $1,125 reported by the Census ACS. This discrepancy means that landlords will need to carefully manage their properties to ensure profitability, given that the government subsidy does not cover the full market rate.
Moving on to the affordability of property acquisition, the data indicates that the median home value is currently not available. However, the average days on market (DOM) and the percentage of homes requiring a price cut are also marked as N/A. These missing figures make it difficult to assess the typical time and conditions under which homes are sold in the area, suggesting that buyers should conduct thorough research to understand the local real estate market dynamics before making an investment.
Tenant demand in ZIP 44659 is robust, with a population of 117 and a significant 45.9% of residents being renters. This high proportion of renters implies a strong likelihood of finding tenants willing to participate in the Section 8 program, thereby ensuring steady occupancy rates. However, the small population size must be considered, as it limits the overall pool of potential tenants.
In conclusion, while the renter share is high and suggests a good tenant demand, the disparity between the FMR and market rent poses a challenge for profitability. The lack of data on median home values, DOM, and price-cut shares complicates the assessment of acquisition costs but does not necessarily preclude investment. Landlords and investors should proceed with caution, focusing on cost management and possibly targeting properties below the median market value to maximize returns. Despite the small population, the high renter share makes 44659 a potentially viable market for those willing to navigate the financial constraints posed by the Section 8 program.
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.