Location: Cincinnati, OH | Metro: Cincinnati, OH-KY-IN 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 | $1,000 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,070 | $101,082 | 1.06% | B |
| 2BR | $1,370 | $152,891 | 0.9% | C |
| 3BR | $1,800 | $333,069 | 0.54% | F |
| 4BR | $2,030 | $466,578 | 0.44% | F |
| 5BR | $2,355 | $626,789 | 0.38% | F |
U.S. Census Bureau data (2024)
Hamilton, Ohio (ZIP 45011) is a historic industrial city positioned along the Great Miami River, currently reinventing itself through a blend of manufacturing heritage and growing suburban appeal. The local economy is grounded in advanced manufacturing and logistics, with major employers like Spooky Nook Sports Champion Mill—a massive indoor sports and events complex that has become a regional anchor—driving foot traffic and revitalization efforts. This area offers a mix of walkable urban neighborhoods near the downtown riverfront and quieter, family-friendly subdivisions on the outskirts, providing diverse housing options for investors targeting different tenant demographics.
From a strictly numerical standpoint, the Section 8 opportunity here requires careful analysis of the rent gap. The FY2024 HUD SAFMR for a 2-bedroom unit is $1170, while the projected FY2026 Full FMR rises to $1290. However, current market rent (Zillow ZORI) sits significantly higher at $1836, leaving a substantial spread of $666 per month between market rate and the 2026 voucher ceiling. The median home value is $367,926, with a specific median 2BR sale price of $150,849 and properties spending a median of 54 days on market. This disparity indicates that while acquisition costs for specific 2-bedroom assets are moderate, the voucher caps lag noticeably behind open-market rates.
The tenant pool is bolstered by a solid economic foundation; the median household income of $91,873 suggests a stable community, yet the 25.4% renter share confirms a consistent demand for rental housing. Families are drawn to the area for the quality of the Hamilton City School District and proximity to major highways like I-75, which facilitates commutes to larger Cincinnati employment hubs. Despite the high median income, the rental population includes essential service workers who may rely on housing assistance, particularly given the rising cost of homeownership in the broader Cincinnati metro area.
The verdict for 45011 leans toward stability and modest appreciation rather than aggressive immediate cash flow. Because the voucher gap is $666 below market rates, investors cannot rely on Section 8 payments alone to maximize yield compared to unassisted tenants. However, the low median 2BR sale price of $150,849 relative to the area’s overall home values suggests an accessible entry point with potential for long-term equity growth. This is a market for buy-and-hold investors prioritizing steady occupancy over premium rents, utilizing the voucher program to fill units in a neighborhood with strong economic anchors.
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.