Location: Ashland 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 | $820 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,320 |
| 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 | $1,020 | $248,155 | 0.41% | F |
| 3BR | $1,320 | $318,107 | 0.41% | F |
| 4BR | $1,520 | $380,015 | 0.4% | F |
U.S. Census Bureau data (2024)
The investment risk assessment for ZIP code 44859 in Nova, OH, when considering Section 8 tenants, reveals several potential issues. Firstly, tenant turnover can be problematic if market rents are not aligned with the Fair Market Rent (FMR) of $920 for FY 2024. Since the market rent data is currently unavailable, landlords must be cautious about setting rents that attract and retain tenants who qualify for Section 8 vouchers.
Vacancy exposure is another concern, especially if the days on market (DOM) data is also unavailable. This lack of information makes it difficult to predict how long a property might remain vacant, which can lead to significant financial losses for landlords. Additionally, the typical home value in the area is $299,396, while the median household income is $88,750. This suggests that landlords may face deferred maintenance costs, as the financial capacity of residents to afford necessary repairs may be limited.
However, these risks must be weighed against the high concentration of renters in the area, represented by a 1.7% renter share. Despite the percentage being relatively low, it is important to note that a higher renter density generally correlates with greater demand for housing vouchers. This could mean a steady stream of Section 8 tenants for properties willing to participate in the program.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP 44859, Nova, OH, is moderate. Landlords should be prepared for potential challenges in tenant retention and maintenance costs but can expect reasonable demand for subsidized housing units.
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.