Section 8 Fair Market Rent (FMR) for ZIP 44904 - 2027

Location: Mansfield, OH | Metro: Columbus, OH HUD Metro FMR Area

Investment Score for ZIP 44904

Monthly Rent (2BR)

$1,000

Median Price (2BR)

$235,775

1% Rule

0.42%

Annual Yield

5.09%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$720
1 Bedroom	$800
2 Bedrooms	$1,000
3 Bedrooms	$1,310
4 Bedrooms	$1,520
5 Bedrooms	$1,763
6 Bedrooms	$1,975
7 Bedrooms	$2,133
8 Bedrooms	$2,240

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,000	$235,775	0.42%	F
3BR	$1,310	$263,328	0.5%	F
4BR	$1,520	$351,359	0.43%	F
5BR	$1,763	$436,147	0.4%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

13,450

Median Household Income

$62,364

Housing Units

5,854

Renter Percentage

25.1%

Occupancy Rate

96.9%

Renter Occupied

1,425

Lexington, OH, located in the zip code 44904, is a growing suburban area that offers both residential stability and potential for rental investment. The town's proximity to larger metropolitan areas provides it with a steady influx of residents seeking affordable housing options.

The Fair Market Rent (FMR) for a two-bedroom apartment in Lexington, OH, for fiscal year 2024 is set at $1,050. This figure serves as a benchmark for affordability and can guide landlords in setting competitive rental prices.
The market rent, as indicated by the Zillow Observed Rental Index (ZORI), stands at $1,884 for a typical two-bedroom unit. This suggests that there is room for pricing adjustments above the FMR, catering to a broader range of tenants willing to pay premium rates.
The median home value in Lexington, OH, is $267,282. This relatively low median home value can be attractive to first-time buyers and investors looking to enter the market without significant capital outlay.
Renters make up 25.1% of the local housing market, indicating a moderate demand for rental properties. Landlords should consider this statistic when evaluating the potential for long-term occupancy and steady cash flow.
The median household income in Lexington, OH, is $62,364. This economic indicator reflects the purchasing power of the local population, which is essential for understanding the ability of residents to afford higher rents or property values.

Synthesizing these points, Lexington, OH, presents a balanced opportunity for real estate investors. With a median home value lower than the national average and a moderate renter share, the area is ripe for rental investments, particularly those priced slightly above the FMR but below the market rent. The discrepancy between the FMR and ZORI suggests a viable margin for profit, while the median income provides insight into the financial capacity of the local population to sustain rental payments. For landlords and small-portfolio investors, Lexington offers a stable environment with potential for growth, especially in rental markets.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.