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 | $790 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $194,042 | 0.55% | F |
| 3BR | $1,420 | $288,373 | 0.49% | F |
| 4BR | $1,560 | $415,103 | 0.38% | F |
U.S. Census Bureau data (2024)
In investing in Section 8 properties in ZIP code 44864, located in Perrysville, OH, several potential issues can arise that might impact your investment. Firstly, tenant turnover is a significant concern due to the disparity between the market rent of $817 and the Fair Market Rent (FMR) of $860 for fiscal year 2024. This difference can lead to higher tenant churn as individuals may seek out more affordable housing options outside the market rent range.
Vacancy exposure is another critical factor, particularly when considering the average days on market (DOM) for rental listings is not available. This lack of data makes it challenging to predict how long a property might remain vacant between tenancies, potentially leading to financial losses during these periods.
Deferred maintenance is also a risk, especially given the typical home value of $242,440 and the median household income of $66,250. The median income suggests that many residents may struggle to afford substantial home improvements or repairs, which could result in increased maintenance costs for landlords. This scenario is compounded by the fact that the income level is relatively low compared to the home values, indicating that tenants might have limited resources for maintaining the property.
However, these risks must be weighed against the high concentration of renters in the area, with 10.8% of the population being renters. High renter density typically correlates with a greater demand for housing vouchers, which can stabilize occupancy rates and provide a steady stream of income. The presence of Section 8 tenants ensures a reliable source of rent, mitigating the risk of vacancy exposure.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP code 44864 is moderate. While there are challenges such as tenant turnover and deferred maintenance, the high renter density and demand for housing vouchers offer a balance that can make the investment viable with proper management and planning.
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.