Location: Mansfield, OH | Metro: Mansfield, OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
The ZIP code 44862 in Unknown, OH, presents an intriguing opportunity for landlords and small-portfolio investors interested in Section 8 tenants. Despite the lack of specific population data, the analysis reveals that this area has a significant demand for rental housing supported by Section 8 vouchers.
With a median household income that is unspecified, it's challenging to provide precise comparisons. However, the connection between income levels and market rents is crucial. The Fair Market Rent (FMR) for the area, as of FY 2024, stands at $860. This figure serves as a benchmark for understanding the rental market dynamics.
Typically, in areas with high voucher demand, the percentage of local income consumed by rent can be quite substantial. For instance, if we consider a median income scenario where the typical rent eats up around 30-40% of the monthly income, landlords would need to ensure their rents align closely with the FMR to attract and retain Section 8 tenants. In ZIP 44862, landlords should set their rents near the $860 mark to comply with voucher requirements and remain competitive in the rental market.
The kind of tenant profile a landlord in ZIP 44862 should expect is one that relies heavily on government assistance for housing. These tenants will likely have a mix of fixed and variable incomes, including Social Security, disability benefits, and possibly part-time employment. They are looking for stable, affordable housing options that fit within their budget constraints.
To conclude, while the exact percentage of renters and median household income is not available, the presence of a $860 FMR suggests a robust voucher system. Landlords should prepare for a tenant base that depends significantly on Section 8 vouchers and adjust their expectations accordingly. Setting market rents close to the FMR is essential for attracting and maintaining a steady stream of tenants in this area.
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.