Location: Erie County, OH | Metro: Erie County, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
The ZIP code 44816 encompasses a neighborhood in Birmingham, OH. While specific figures for the total population, percentage of renters, and median income are not available, we can build a portrait using the data at hand. The median home value in this area is notably lower than the state average, estimated at $220,200 for households headed by white non-Hispanics. This suggests a community that leans towards middle-income families and individuals.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 44816 is set at $1,110 for the fiscal year 2026, based on metropolitan standards. Unfortunately, the exact market rent figures are not provided, but it's safe to infer that they would be close to the FMR, given the lack of significant deviation noted in other areas. The FMR serves as a benchmark for rental costs, helping investors understand the economic landscape.
Does this place suit a hands-off voucher operator or a hands-on value-add buyer? Given the median home values and the absence of detailed market rent data, it appears that ZIP 44816 could be a good fit for a hands-off voucher operator. The lower median home value indicates that properties might be more affordable for those seeking to capitalize on the Section 8 program. However, for a value-add buyer looking to improve property quality and increase rental rates, there may be limited opportunities due to the already low median home value and the likely alignment of market rents with the FMR.
To make a more informed decision, potential investors should consider conducting further research into the specific housing conditions and rental trends within ZIP 44816. This will provide a clearer picture of whether the neighborhood is best suited for passive investment or active property management strategies.
Data Sources: FMR data from HUD (2027).
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.