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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,220 | $197,736 | 0.62% | D |
| 3BR | $1,610 | $306,646 | 0.53% | F |
| 4BR | $1,810 | $415,973 | 0.44% | F |
| 5BR | $2,100 | $555,830 | 0.38% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 45233, located in Cincinnati, Ohio, and part of Hamilton County, operate under specific financial guidelines. For a two-bedroom apartment in this ZIP, the SAFMR (Small Area Fair Market Rent) for fiscal year 2024 is set at $1090. This SAFMR figure is unique to this ZIP code and does not apply uniformly across the entire county or metro area.
Local market rents, according to the Census ACS data, average around $767 for a two-bedroom unit. Landlords participating in the Section 8 program receive rental assistance payments based on the SAFMR, which can be higher than the local market rent, providing an incentive to participate.
A voucher payment in ZIP 45233 covers the difference between the local market rent and the SAFMR, up to the SAFMR limit. The tenant is responsible for paying 30% of their adjusted income towards rent. Any amount above the tenant's contribution and up to the SAFMR is covered by the government. Utility allowances are also included in the total compensation but are separate from the rent payment.
To illustrate, if a tenant's adjusted income is $1500 per month, they would pay 30% of that, which is $450. If the market rent for a two-bedroom apartment is $767, the government would cover the remaining $317 ($767 - $450) to bring the total payment up to the market rent. However, if the market rent were higher, say $1200, the government would still only cover up to the SAFMR limit, so the landlord would receive $1090 in total, with $640 coming from the government ($1090 - $450).
The typical reimbursement gap or surplus for a two-bedroom voucher in ZIP 45233 can be calculated by comparing the SAFMR to the local market rent. With the SAFMR at $1090 and the local market rent at $767, there is a potential surplus of $323 per month ($1090 - $767) when the market rent is below the SAFMR. Conversely, if the market rent exceeds the SAFMR, landlords will face a shortfall.
In summary, landlords in ZIP 45233 should expect a consistent reimbursement rate of $1090 for a two-bedroom apartment, which is higher than the local market rent. This creates a surplus for landlords who can keep their rents close to the local market rates, ensuring steady cash flow without the risk of non-payment common in traditional rental scenarios.
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.