Location: Darke County, OH | Metro: Dayton-Kettering-Beavercreek, OH MSA
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 | $730 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,000 | $183,735 | 0.54% | F |
| 3BR | $1,300 | $264,728 | 0.49% | F |
| 4BR | $1,430 | $329,254 | 0.43% | F |
U.S. Census Bureau data (2024)
The ZIP code 45318, located in Covington, OH within the Darke County, OH metro, has specific housing metrics that can be compared to typical ZIP codes in the county. The Fair Market Rent (FMR) for ZIP 45318 in fiscal year 2024 is set at $890, while the market rent stands at $838. These figures indicate that the rental market in 45318 is slightly above the fair market level but still reasonably aligned with what might be expected in a county-level comparison.
The median home value in 45318 is $238,359, which suggests a moderate cost of homeownership relative to other ZIP codes in Darke County. This figure is likely reflective of the overall housing market trends within the county, indicating that 45318 does not represent an outlier in terms of property values.
With a renter share of 24.4%, ZIP 45318 has a notable percentage of renters, higher than the national average but potentially consistent with local trends. This could signal a diverse housing market where both ownership and rental opportunities coexist.
To determine whether 45318 represents a value pocket, a mid-tier neighborhood, or a premium sub-market within the Darke County, OH metro, we must consider the relationship between its FMR, market rent, and home values. The FMR being slightly higher than the market rent ($890 vs $838) indicates a relatively stable rental market, where the government's assessment of fair rent is closely aligned with actual market conditions. However, this slight discrepancy alone is not sufficient to categorize the area definitively without further comparative data on other ZIP codes in the county.
The combination of a moderate home value and a significant renter share suggests that 45318 might be attractive to Section 8 participants and landlords looking to serve a mix of income levels. A high renter share coupled with below-average home values in the broader Darke County context could indeed highlight 45318 as a strategic location for Section 8 properties, providing affordable living options to a substantial portion of the population.
Without additional data on the typical FMR, market rents, and home values across other Darke County ZIP codes, it is reasonable to infer that 45318 could be considered a mid-tier neighborhood, offering a balance between affordability and market stability. Its characteristics align well with the needs of both small-portfolio investors and landlords seeking to engage in a manageable yet lucrative rental market.
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.