Location: Canton-Massillon, OH | Metro: Canton-Massillon, OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
In evaluating whether to purchase a property in ZIP 44714 (Canton, OH) for Section 8 investment, follow this decision tree:
1) Does the Fair Market Rent (FMR) of $890 cover the debt service on a property valued at $151,377?
Yes. The FMR of $890 is sufficient to cover the debt service on a property valued at $151,377, assuming standard financing terms. For a mortgage rate around 5%, the monthly payment would be approximately $840, which is comfortably covered by the FMR.
No. This scenario would not apply as the FMR does cover the debt service.
2) How does the market rent ($1,061 ZORI) compare to the FMR?
Above. The ZORI (Zillow Observed Rent Index) of $1,061 is higher than the FMR of $890. This indicates that non-Section 8 tenants could potentially pay more, providing flexibility in pricing and a possible margin for profit.
At. This scenario does not apply as the ZORI is above the FMR.
Below. This scenario does not apply as the ZORI is above the FMR.
3) Is there enough demand given 42.2% of residents are renters and the days on market (DOM) is not available?
It Depends. With 42.2% of residents being renters, there is moderate demand for rental properties. However, the lack of data on the days on market (DOM) makes it difficult to assess how quickly properties are rented. If you can secure a property where the DOM is low, it suggests strong demand and a good opportunity for Section 8 investment.
The FMR of $890 is adequate for covering the debt service on a property valued at $151,377, and the ZORI of $1,061 indicates a higher market rent, which is favorable. The 42.2% rental rate shows a decent level of demand but requires further investigation into the local rental market dynamics. If you can confirm low DOM, the answer is a clear Yes; otherwise, it remains It Depends.
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.