Section 8 Fair Market Rent (FMR) for ZIP 45013 - 2027

Investment Score for ZIP 45013

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	$970
1 Bedroom	$1,040
2 Bedrooms	$1,330
3 Bedrooms	$1,750
4 Bedrooms	$1,970
5 Bedrooms	$2,285
6 Bedrooms	$2,559
7 Bedrooms	$2,764
8 Bedrooms	$2,902

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,040	$117,131	0.89%	C
2BR	$1,330	$184,054	0.72%	D
3BR	$1,750	$274,622	0.64%	D
4BR	$1,970	$392,155	0.5%	F
5BR	$2,285	$491,316	0.47%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 45013 (Hamilton, OH) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 45013 in Hamilton, OH, is set by HUD for 2026. The FMRs for different unit types are as follows: - 0BR: $890 - 1BR: $980 - 2BR: $1260 (which is 20.5% of the median household income) - 3BR: $1660 - 4BR: $1840 These figures represent the maximum rent that a Section 8 voucher holder can pay for a unit. However, it is important to note that these are just guidelines and actual rents can vary significantly. In reality, landlords often charge higher rents than the FMR, which creates a constraint for voucher holders. For instance, if a landlord charges above the FMR, the tenant would have to cover the difference out-of-pocket, which can be challenging given the limited financial resources of many voucher recipients. #### Affordability & Renter Profile ZIP code 45013 has a population of 53,998, with 26.5% of residents being renters. This indicates a substantial rental market, but it also suggests that competition for affordable housing can be intense. The occupancy rate stands at 94.1%, indicating that the market is relatively tight, with most units occupied. Given that the median household income is $73,633, the affordability of housing is a significant concern. The FMR for a 2BR unit is $1260, which is only 20.5% of the median income. This means that even though the FMR is designed to be affordable, it still represents a considerable portion of a typical household’s income. The Zillow median price for a 2BR home in this ZIP code is $180,050, which is 11.9 times the FMR for a 2BR unit. This high price-to-FMR ratio suggests that homeownership is significantly less affordable compared to renting, making the rental market particularly crucial for lower-income families. #### Investor Angle From an investor perspective, the ZIP code 45013 presents both opportunities and challenges. The FMRs provide a baseline for what tenants with vouchers can afford, but the actual market rents are likely to be higher. This means that landlords who want to attract Section 8 tenants must keep their rents within the FMR limits to ensure they can receive the subsidy payments. To determine if this ZIP code is cash-flow positive at FMR, we need to consider the average market rent. If the average market rent for a 2BR unit is higher than $1260, then landlords charging at FMR levels might struggle to compete with other properties. However, if the average market rent is closer to the FMR, then landlords could maintain positive cash flow while participating in the Section 8 program. The investment grade of a property in this ZIP code depends on several factors, including the location, condition, and demand for the unit type. Given the tight occupancy rate and the substantial number of renters, there is likely a strong demand for rental properties, especially those that are affordable. However, the high price-to-FMR ratio suggests that the cost of acquiring a property might be relatively high compared to the rental income it can generate under the Section 8 program. #### Specific Actionable Insights 1. **Focus on Units Within FMR Limits**: Investors should prioritize acquiring or developing properties that fall within the FMR limits. For example, a 2BR unit should not exceed $1260 per month to remain attractive to Section 8 tenants. This ensures that the property remains eligible for the subsidy and can be rented out without requiring additional financial contributions from the tenant. 2. **Consider Property Location and Condition**: Given the tight market conditions, properties in prime locations or those that are well-maintained and offer modern amenities will likely have higher demand. This could allow for slightly higher rents while still remaining competitive. For instance, a 2BR unit in a desirable area might command a rent of $1300-$1400, which is still within reach for some voucher holders. 3. **Monitor Local Rental Market Trends**: While the FMR provides a guideline, local rental market trends can influence actual rents. Investors should regularly monitor these trends to adjust their strategies accordingly. For example, if market rents start to decrease due to increased supply, landlords might be able to charge closer to the FMR without losing tenants. #### Bottom Line For Section 8-focused investors, ZIP code 45013 offers a mixed picture. The tight occupancy rate and substantial rental market suggest potential for positive cash flow, but the high price-to-FMR ratio indicates that the initial investment costs might be high relative to the rental income. **Recommendation**: **Hold**. Investors should hold off on purchasing properties in this ZIP code unless they can acquire them at a price that allows for a reasonable profit margin when renting at FMR levels. Additionally, investors should focus on properties that are well-located and well-maintained to maximize their appeal to both voucher holders and other renters. This ZIP code is not necessarily a bad investment, but it requires careful consideration of the balance between acquisition costs and potential rental income.

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.