Location: Harrison County, OH | Metro: Harrison County, OH
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 cap rate for ZIP code 44693 reveals some key insights into the potential investment returns for landlords and small-portfolio investors.
The Fair Market Rent (FMR) for a 2-bedroom apartment in ZIP 44693 for fiscal year 2026 is set at $1,010 per month. This figure represents the annualized rental income that a landlord could expect if participating in the Section 8 program. The median home value for this ZIP code is not available, making it difficult to calculate an exact cap rate. However, we can still derive a rough picture of the gross yield for both scenarios.
In the case of using the Section 8 FMR, the annual rental income would be $12,120 ($1,010 x 12 months). Without the median home value, we cannot provide a precise gross yield percentage. However, the implied gross yield would be based solely on the $12,120 annual income.
The market rent for ZIP 44693 is also not available, which means that we cannot directly compare the gross yields between the Section 8 and market rents. Nevertheless, the absence of market rent data suggests that there might be limited information on the local rental market, making the Section 8 FMR a more reliable indicator for investment purposes.
Given the 9.5% renter density in ZIP 44693, it is important to note that while participation in the Section 8 program provides a stable source of income, the overall demand for rental properties might be lower compared to areas with higher renter populations. Additionally, the lack of Days on Market (DOM) data implies that there might be challenges in accurately assessing the speed at which rental units are typically leased in this area.
While the exact cap rate cannot be calculated due to missing data on median home values and market rents, the gross yield from the Section 8 FMR offers a solid baseline for investment consideration. Landlords and small-portfolio investors should weigh this against other investment opportunities and consider the stability and predictability of Section 8 income versus the potential for higher yields in a more active rental market.
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.