Location: Ashland County, OH | Metro: Mansfield, OH MSA
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 | $700 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,000 | $222,546 | 0.45% | F |
| 3BR | $1,330 | $274,333 | 0.48% | F |
| 4BR | $1,540 | $367,034 | 0.42% | F |
U.S. Census Bureau data (2024)
ZIP code 44843 is located in the town of Lucas, Ohio, which is characterized by a small-town charm and a tight-knit community. The total population of the area is 2,445 residents, indicating a close and personal environment where everyone knows their neighbors. Only 15.2% of the residents are renters, suggesting a predominantly owner-occupied market. This low rental percentage can be attributed to the relatively high median income of $90,366, which allows many residents to invest in homeownership rather than renting. The median home value in this ZIP code stands at $257,928, reflecting the economic stability and modest affluence of the area.
When it comes to the rental economics, the Fair Market Rent (FMR) for ZIP code 44843 as of the fiscal year 2024 is set at $890. In contrast, the actual market rent based on Census American Community Survey (ACS) data is $764. This discrepancy highlights an opportunity for landlords and small-portfolio investors who can potentially benefit from the higher FMR rates associated with Section 8 vouchers.
The question then arises: does this place suit a hands-off voucher operator or a hands-on value-add buyer? Given the low percentage of renters and the modest difference between FMR and market rents, a hands-off operator might find limited opportunities due to the scarcity of rental units. However, a hands-on value-add buyer could identify potential for increasing rental yields by improving existing properties or converting some owner-occupied homes into rental units. The stable local economy and reasonable property values make ZIP code 44843 a viable option for those willing to actively manage and enhance their investments.
To summarize, ZIP code 44843 offers a unique blend of a small-town atmosphere with a stable economic base. For investors looking to capitalize on the Section 8 program, the area presents a scenario where active management and strategic investment can yield better returns compared to a passive approach. The key lies in identifying properties that can be improved to command higher rents, aligning with the FMR standards and attracting tenants through the Section 8 voucher program.
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.