Location: Huron County, OH | Metro: Cleveland, OH HUD Metro FMR Area
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 | $780 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,000 | $168,696 | 0.59% | F |
| 3BR | $1,260 | $227,393 | 0.55% | F |
| 4BR | $1,520 | $261,824 | 0.58% | F |
U.S. Census Bureau data (2024)
New London, OH, located in ZIP code 44851, has a population of 5,038 individuals. The rental market represents a significant portion of the housing sector, with 20.2% of residents being renters. This indicates that while not overwhelmingly dominated by renters, there is still a notable presence of potential Section 8 tenants in the area.
The median household income in New London stands at $66,408, which provides a benchmark for understanding the financial capabilities of the average resident. The market rent for the area is $821 per month, which equates to approximately 12.4% of the median household income. This percentage suggests that the typical rent is relatively affordable compared to the average income level, making it feasible for a broad range of residents to afford housing without relying solely on vouchers.
However, the Fair Market Rent (FMR) for the area, set at $920 per month for FY 2024, is higher than the current market rent. This difference indicates that the rental market is slightly below the federally determined fair market value, potentially leaving room for modest rent increases. Despite this, landlords should be aware that a significant number of tenants might still seek assistance through Section 8 vouchers due to the economic realities faced by many families.
To further analyze the demand for Section 8 vouchers, consider that the lower market rent of $821 compared to the FMR of $920 implies that some households may find it challenging to pay the higher FMR without government assistance. Given the 20.2% rental rate and the income levels, landlords can expect a mix of tenants, including those who will require or prefer to use Section 8 vouchers to cover their rent. The voucher demand is likely to be moderate but present, given the gap between the market rent and the FMR.
In summary, landlords in New London, OH, should anticipate a tenant pool that includes a significant number of voucher holders. The combination of a moderate rental market share and a noticeable disparity between market rent and FMR points to a scenario where Section 8 vouchers play an important role in helping families secure housing. Landlords must be prepared to work with these vouchers, ensuring compliance with HUD regulations and understanding the financial support they provide to tenants.
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.