Section 8 Fair Market Rent (FMR) for ZIP 45205 - 2027

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

Investment Score for ZIP 45205

Monthly Rent (2BR)

$1,230

Median Price (2BR)

$120,293

1% Rule

1.02%

Annual Yield

12.27%

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	$900
1 Bedroom	$960
2 Bedrooms	$1,230
3 Bedrooms	$1,620
4 Bedrooms	$1,830
5 Bedrooms	$2,123
6 Bedrooms	$2,378
7 Bedrooms	$2,568
8 Bedrooms	$2,696

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
1BR	$960	$96,868	0.99%	C
2BR	$1,230	$120,293	1.02%	B
3BR	$1,620	$143,710	1.13%	B
4BR	$1,830	$166,400	1.1%	B
5BR	$2,123	$173,137	1.23%	A

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

18,651

Median Household Income

$43,682

Housing Units

7,964

Renter Percentage

63.1%

Occupancy Rate

88.0%

Renter Occupied

4,425

The ZIP code 45205 is located in Cincinnati, Ohio, a vibrant city known for its rich history, diverse culture, and economic activities. This particular area offers a mix of urban living and suburban comfort, attracting both long-term residents and newcomers. The real estate market here is dynamic, with a significant portion of the population choosing to rent rather than buy, making it a prime location for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 45205 for fiscal year 2024 is set at $1030, which reflects the government's benchmark for affordable housing in the region.
The market rent, as indicated by the Zillow Observed Rent Index (ZORI), stands at $1,369, showcasing a higher demand for rental properties compared to the government's standards.
The median home value in the area is $142,026, indicating that homeownership is relatively affordable, but the high renter share suggests that many prefer renting over buying.
Renters make up 63.1% of the population, highlighting a strong preference for leasing over purchasing homes, which is beneficial for investors looking to capitalize on the rental market.
The median income of residents is $43,682, suggesting that while the area is not among the highest-income neighborhoods, it still supports a robust rental market due to the affordability of both rent and home values.

Investors considering entering the real estate market in ZIP 45205 can expect a favorable environment driven by a high renter share and competitive market rents. Despite the median income being moderate, the low median home value makes the area attractive for those seeking affordable housing options. The discrepancy between the ZORI and FMR also points to potential opportunities for investors to charge slightly above the government's affordable housing guidelines without significantly deterring tenants. Overall, ZIP 45205 presents a balanced investment opportunity, with strong fundamentals supporting both rental income and property appreciation.

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.