Location: Wayne County, OH | Metro: Wayne 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 | $770 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,100 | $210,921 | 0.52% | F |
| 3BR | $1,330 | $273,143 | 0.49% | F |
| 4BR | $1,560 | $319,653 | 0.49% | F |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 44677, located in Smithville, OH, Wayne County, reveals several key insights. The HUD Fair Market Rent (FMR) for the Wayne County metro area for fiscal year 2026 is set at $1,110. This figure is significantly higher than the average market rent of $853 reported by the Census ACS data. Given these numbers, voucher tenants in this region will generally cashflow at the FMR level, providing a positive financial outcome for landlords.
To further understand the investment landscape, the median home value in the area is $253,771. Using this, we can derive the rent-to-price ratio. With an average market rent of $853, the annual rent is approximately $10,236. Dividing this by the median home value gives us a rent-to-price ratio of about 4%. This suggests that rental income alone does not fully cover the cost of homeownership, indicating that the primary benefit for investors would be through other means such as appreciation or stability rather than pure cash flow.
The dynamics between renting and buying in the area do not significantly impact the decision-making process for investors, as the median days on market (DOM) and the percentage of homes that required price cuts are not available. However, the absence of these metrics implies a relatively stable market without excessive volatility in pricing or sales times.
The strongest angle for investors in this market is stability. The consistent demand for affordable housing, coupled with the positive cash flow from voucher tenants, makes this area a reliable investment option for those seeking steady returns without the risk associated with rapidly changing markets.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.