Location: Brown County, 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 | $830 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $167,239 | 0.6% | D |
| 3BR | $1,410 | $251,397 | 0.56% | F |
| 4BR | $1,700 | $348,457 | 0.49% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 45121, which encompasses Georgetown, OH, and parts of Brown County, operate under specific guidelines that can be advantageous or challenging for landlords. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2024 is set at $990. This figure represents the maximum amount that the housing authority will reimburse landlords per month for a unit rented to a participant in the Section 8 program.
In contrast, the local market rent for a similar two-bedroom unit, based on Census ACS data, is approximately $700. This indicates that the SAFMR is higher than the average market rent, potentially offering a financial incentive for landlords to participate in the Section 8 program.
A landlord's total reimbursement from a Section 8 voucher includes several components. First, there is the tenant portion, which is typically 30% of their income. For example, if a tenant's monthly income is $1,650, they would pay 30% of that, or $495, towards rent. Additionally, the housing authority provides an allowance for utilities, which can vary but is often around $200-$300 per month depending on the tenant's needs and the type of unit.
To illustrate, let's assume the utility allowance is $250. In this scenario, the total reimbursement a landlord might receive for a two-bedroom unit would be the sum of the tenant's payment and the utility allowance. Therefore, the landlord would receive $745 ($495 tenant portion + $250 utility allowance).
However, the housing authority only reimburses up to the SAFMR of $990. Thus, the landlord would be fully covered by the voucher program for the $745 received from the tenant and the utility allowance, and could charge up to the SAFMR without losing money. If the landlord charges exactly the SAFMR, then the voucher would cover the entire amount, leaving no reimbursement gap or surplus.
In ZIP 45121, landlords who participate in the Section 8 program can expect a reimbursement that covers the local market rent and utility costs, with the potential to earn up to the SAFMR of $990 without any financial loss. Given the local market rent of $700, landlords could see a surplus if they charge closer to the SAFMR, but this surplus is limited to the difference between the market rent and the SAFMR.
In summary, the typical reimbursement gap or surplus for a two-bedroom voucher in ZIP 45121 is minimal when charging market rates, but landlords can achieve a surplus of up to $290 if they charge the full SAFMR of $990. This makes Section 8 participation financially viable for landlords in this area.
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.