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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,230 | $181,209 | 0.68% | D |
| 3BR | $1,620 | $243,770 | 0.66% | D |
| 4BR | $1,830 | $337,259 | 0.54% | F |
U.S. Census Bureau data (2024)
The ZIP code 45223 in Cincinnati, OH, fits well into a Section 8 portfolio strategy as a cash-flow anchor. The Fair Market Rent (FMR) for the Cincinnati, OH-KY-IN HUD Metro FMR Area for fiscal year 2024 is set at $1040. This figure is significantly lower than the market rent of $1234, indicating that landlords can still achieve a positive cash flow while participating in the Section 8 program. The spread of $194 per unit represents a consistent and reliable income stream, protected from market fluctuations.
Furthermore, the median home value in ZIP 45223 stands at $219,706, which is relatively stable and does not suggest rapid appreciation or depreciation trends. Given the 0.2% price-cut share and the fact that the days on market (DOM) is not applicable, it's evident that the housing market in this area is not highly competitive, allowing landlords to maintain rents closer to the FMR without significant pressure to reduce prices.
The ZIP code also has a substantial 51.4% renter share, meaning a majority of residents are already accustomed to renting, which aligns well with the tenant base of the Section 8 program. Additionally, the median income of $49,312 supports the viability of the Section 8 program in this area, as many residents would qualify for assistance. Landlords should note that while this ZIP code offers steady cash flow, it may not be the best choice for those looking to capitalize on property appreciation, as the market suggests minimal growth potential.
In summary, ZIP 45223 serves as an excellent cash-flow anchor within a Section 8 portfolio strategy. It provides a stable and predictable income source, with the added benefit of a high renter share and median income levels that support the program's eligibility requirements.
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.