Location: Cincinnati, OH | Metro: Cincinnati, OH-KY-IN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 45156 reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for ZIP 45156 in fiscal year 2024 is set at $990. However, the market rent for the area is currently not available, which means that landlords and small-portfolio investors must rely on the FMR as a benchmark.
Given the context of 20.0% renters and a median household income of $63,542, the FMR stands as a crucial reference point for assessing the viability of renting properties in this area. The lack of specific market rent data suggests that the FMR might be the prevailing rate for rental units in ZIP 45156, especially those participating in the Section 8 program.
If the FMR exceeds the market rent, this scenario presents an opportunity for landlords to leverage the Section 8 program as a yield play. Voucher tenants can ensure a steady and reliable stream of rental income, mitigating risks associated with vacancy and delinquency. In such a case, the gap would represent the potential premium landlords could receive above the typical market rates.
Conversely, if the FMR is lower than the market rent, landlords who accept Section 8 vouchers would incur a cost of housing tenants below the open-market rates. This difference would need to be carefully considered against the benefits of stable occupancy and government-backed payments.
The median home value in ZIP 45156 is not available, but the median household income provides insight into the economic conditions of the area. With a median income of $63,542, landlords should consider the affordability of their rental units relative to the income levels of potential tenants.
In summary, the gap between the FMR and the market rent in ZIP 45156 is a critical factor for landlords and small-portfolio investors. The FMR of $990 serves as a baseline, and the decision to participate in the Section 8 program should be made based on the actual market rent once it becomes available. This analysis anchors the discussion in the broader context of the ZIP code's demographics and economic indicators.
Data Sources: FMR data from HUD (2027). 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.