Section 8 Fair Market Rent (FMR) for ZIP 45014 - 2027

Investment Score for ZIP 45014

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	$1,120
1 Bedroom	$1,210
2 Bedrooms	$1,540
3 Bedrooms	$2,030
4 Bedrooms	$2,290
5 Bedrooms	$2,656
6 Bedrooms	$2,975
7 Bedrooms	$3,213
8 Bedrooms	$3,374

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
2BR	$1,540	$159,284	0.97%	C
3BR	$2,030	$287,349	0.71%	D
4BR	$2,290	$371,597	0.62%	D
5BR	$2,656	$416,880	0.64%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 45014 (Fairfield, OH) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 45014 in Fairfield, OH, indicate that the rent for a two-bedroom unit is set at $1470 per month for the year 2026. This figure represents 23.3% of the median household income in the area, which stands at $75,661. However, the actual rental prices in the market are significantly higher, with the Zillow median price for a two-bedroom unit being $158,404. The price-to-FMR ratio is 9.0x, meaning that the market value of a two-bedroom property is nine times the FMR. This discrepancy between FMR and actual rents poses significant constraints for voucher holders. While the FMR is designed to reflect what is considered a reasonable rent level, it is far below the actual market rates. For instance, a voucher holder would struggle to find a two-bedroom unit for $1470 when the market rate is closer to $158,404. This makes it challenging for Section 8 recipients to secure housing in the area without additional financial assistance. #### Affordability & Renter Profile In ZIP code 45014, 37.2% of the population are renters, indicating a substantial demand for rental properties. With a median household income of $75,661, the affordability of housing is a critical issue. The FMR for a three-bedroom unit is $1940, which is 25.6% of the median income, suggesting that even larger units are relatively affordable compared to the overall income levels. However, the high price-to-FMR ratio indicates that the actual rental market is much more expensive, making it difficult for low-income families to afford housing without subsidies. Given the occupancy rate of 94.1%, the rental market appears to be quite tight. There is little room for vacancy, which means that landlords have a strong bargaining position. This tightness can lead to higher rents and less flexibility in terms of lease conditions, further complicating the situation for voucher holders who need to find units within their budget. #### Investor Angle From an investor perspective, the ZIP code 45014 offers mixed opportunities. The FMR for a two-bedroom unit is $1470, but the actual market rent is much higher. If an investor is looking to operate strictly within the parameters of FMR, they might find it challenging to achieve positive cash flow due to the high price-to-FMR ratio. However, if an investor is willing to participate in the broader rental market, there could be potential for higher returns. To determine the investment grade, we must consider the balance between rental income and operational costs. Given the high market rent relative to FMR, properties in this ZIP code are likely to be more attractive to investors who can charge market rates. However, those focusing solely on Section 8 vouchers will face limitations due to the strict rent caps imposed by the government. #### Specific Actionable Insights 1. **Focus on Larger Units**: Investors should consider focusing on larger units such as three-bedroom and four-bedroom apartments. The FMR for these units is $1940 and $2150 respectively, which is still a significant portion of the median income. Larger units often have higher demand from families, and the FMR is more aligned with the median income, providing better cash flow potential. 2. **Consider Mixed-Income Developments**: To cater to both Section 8 voucher holders and the broader rental market, investors might want to explore mixed-income developments. By offering a mix of units at FMR and market rates, investors can ensure steady cash flow while also serving the needs of low-income residents. 3. **Engage with Local Housing Authorities**: Building relationships with local housing authorities can help investors navigate the complexities of the Section 8 program. These authorities can provide insights into the number of available vouchers, the process for obtaining them, and any upcoming changes to the program that could affect rental pricing. #### Bottom Line For Section 8-focused investors, the ZIP code 45014 presents a challenging environment due to the high price-to-FMR ratio and the tight rental market. While there is a significant demand for rental properties, the actual rents far exceed the FMR, making it difficult to secure tenants through the voucher program alone. Therefore, the recommendation is to **Skip** this ZIP code for pure Section 8 investments. However, if investors are willing to engage in a mixed-income strategy or target larger units where the FMR is closer to the median income, there could be potential for positive cash flow and a more balanced approach to serving the community.

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.