Location: Cincinnati, 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 | $820 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $880 | $98,346 | 0.89% | C |
| 2BR | $1,120 | $114,658 | 0.98% | C |
| 3BR | $1,470 | $135,446 | 1.09% | B |
| 4BR | $1,660 | $160,513 | 1.03% | B |
U.S. Census Bureau data (2024)
56.3% of residents in ZIP 45204 in Cincinnati, OH, are renters, indicating a strong demand for rental properties. The Fair Market Rent (FMR) for the area is set at $990 for zip FY 2024, which is significantly lower than the market rent of $1,267 as measured by ZORI. This suggests that landlords can potentially offer competitive rates while still benefiting from government subsidies.
$126,226 represents the median home value in the area, reflecting a moderate housing market that is accessible to many first-time buyers and investors. However, the median income of $31,236 may pose challenges for some tenants seeking to purchase homes, thereby maintaining a steady rental market.
The low price-cut share of 0.2% indicates that property values in ZIP 45204 are relatively stable, with few landlords needing to reduce their rental prices to attract tenants. This stability is crucial for long-term investment strategies, ensuring consistent cash flows and minimizing the risk of property devaluation.
In terms of the Section 8 program, the $990 FMR aligns well with the rental assistance provided, making it feasible for landlords to participate without significant loss. Given the strong renter share and stable property values, landlords and small-portfolio investors should consider participating in the Section 8 program to capitalize on the steady demand for affordable housing.
The lack of available data on days on market (DOM) suggests that the turnover rate for rentals might be unpredictable, but the overall market conditions indicate a robust tenant pool. Landlords can expect a high occupancy rate, given the disparity between the FMR and market rent, which incentivizes tenants to seek subsidized housing options.
To conclude, the combination of a high renter share, moderate median home value, and stable rental prices makes ZIP 45204 an attractive market for Section 8 participation. The program offers a reliable source of income and helps landlords fill vacancies with qualified tenants.
Verdict: Participate in Section 8 for stable returns.
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.