Section 8 Fair Market Rent (FMR) for ZIP 45120 - 2027

Location: Brown County, OH | Metro: Cincinnati, OH-KY-IN HUD Metro FMR Area

Investment Score for ZIP 45120

Monthly Rent (2BR)

$1,010

Median Price (2BR)

$158,109

1% Rule

0.64%

Annual Yield

7.67%

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	$760
1 Bedroom	$800
2 Bedrooms	$1,010
3 Bedrooms	$1,360
4 Bedrooms	$1,560
5 Bedrooms	$1,810
6 Bedrooms	$2,027
7 Bedrooms	$2,189
8 Bedrooms	$2,298

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	$1,010	$158,109	0.64%	D
3BR	$1,360	$283,509	0.48%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,548

Median Household Income

$50,446

Housing Units

1,083

Renter Percentage

33.0%

Occupancy Rate

94.5%

Renter Occupied

338

The area around ZIP code 45120, Felicity, OH, is characterized by its suburban charm and proximity to larger urban centers, offering residents a blend of rural tranquility and convenient access to amenities. This location presents a unique opportunity for real estate investors, particularly those interested in the Section 8 housing market.

The Fair Market Rent (FMR) for ZIP 45120 is set at $990 for fiscal year 2024, indicating the maximum amount that can be charged for a Section 8 voucher.
The market rent for the area, based on Census ACS data, stands at $756, suggesting a significant gap between market rates and the subsidized rent levels.
The median home value in Felicity, OH, is $232,715, which provides a benchmark for property investments in the area.
Renters make up 33.0% of the population, showing a substantial demand for rental properties.
The median income of the residents is $50,446, providing insight into the financial capabilities of potential tenants.

The combination of a high FMR compared to the actual market rent, along with a notable percentage of renters and a reasonable median home value, makes ZIP 45120 a favorable investment location for Section 8 properties. The gap between FMR and market rent allows for competitive pricing while still maintaining profitability. Additionally, the median income level suggests a stable tenant base capable of meeting the requirements for Section 8 vouchers. For landlords and small-portfolio investors, this area presents a balanced opportunity for both social impact and financial gain.

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.