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 | $890 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,220 | $168,347 | 0.72% | D |
| 3BR | $1,610 | $217,621 | 0.74% | D |
| 4BR | $1,810 | $260,570 | 0.69% | D |
| 5BR | $2,100 | $339,601 | 0.62% | D |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 45224, located in Cincinnati, OH, reveals a significant gap between the HUD Fair Market Rent (FMR) and the actual market rents. For fiscal year 2024, the HUD FMR for ZIP 45224 is set at $990, whereas the market rent, measured by Zillow's ZORI index, stands at $1,476. This means that landlords accepting Section 8 vouchers will experience negative cash flow if they rent at the HUD FMR. To achieve positive cash flow, landlords must either offer premium units or negotiate higher rental rates within the allowable limits.
The median home value in ZIP 45224 is $212,244, which can be used to derive the rent-to-price ratio. Using the HUD FMR of $990, the annual rent would be $11,880, resulting in a rent-to-price ratio of approximately 5.6%. This ratio indicates that the property values are relatively high compared to the rental income, suggesting that appreciation might be a stronger investment angle than cash flow.
In terms of the time it takes to sell a property, the 15-day median Days on Market (DOM) and a 0.3% price-cut share indicate a strong seller's market. However, these metrics are less relevant to the rental market dynamics. The key consideration for Section 8 investors is the ability to cover expenses and generate profit from rental income. Given the negative cash flow at the HUD FMR, investors should focus on securing properties with lower acquisition costs or higher allowable rental rates.
The strongest investor angle in ZIP 45224 is likely appreciation, given the high median home value and the disparity between the HUD FMR and market rents. While cash flow may be challenging at the HUD rate, the potential for property value growth offers a solid long-term investment strategy.
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.