Section 8 Fair Market Rent (FMR) for ZIP 45324 - 2027

Investment Score for ZIP 45324

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	$960
1 Bedroom	$1,060
2 Bedrooms	$1,320
3 Bedrooms	$1,710
4 Bedrooms	$1,880
5 Bedrooms	$2,181
6 Bedrooms	$2,443
7 Bedrooms	$2,638
8 Bedrooms	$2,770

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,060	$98,271	1.08%	B
2BR	$1,320	$153,047	0.86%	C
3BR	$1,710	$203,840	0.84%	C
4BR	$1,880	$303,143	0.62%	D
5BR	$2,181	$379,506	0.57%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 45324 (Fairborn, OH) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 45324, as of 2026, is set at $1330 for a two-bedroom unit, which represents 24.6% of the median household income in the area. However, the actual rent for a two-bedroom unit can be significantly higher, with Zillow reporting a median price of $148,275 for such units. This implies that the average monthly rent could be much higher than the FMR, leading to constraints for voucher holders who are limited to paying only up to the FMR amount. For example, if the average market rent for a two-bedroom unit is around $1235 (based on the price-to-FMR ratio of 9.3x), voucher holders would find it challenging to secure housing in this ZIP code since landlords might prefer market-rate tenants over those with vouchers. #### Affordability & Renter Profile ZIP code 45324 has a population of 41,194, with 47.2% being renters. The occupancy rate stands at 93.4%, indicating a relatively tight rental market. Given the median household income of $64,979, the affordability of housing is a significant concern. A two-bedroom unit's FMR of $1330 is already a substantial portion of the median income, suggesting that many residents might struggle to afford even the FMR level of rent. The high percentage of renters and the tight market conditions imply that there is a strong demand for affordable housing options, but the supply may not meet these needs adequately. #### Investor Angle From an investor perspective, the ZIP code 45324 presents a mixed picture. The FMR for a two-bedroom unit is $1330, but the average market rent is likely to be around $1235 based on the price-to-FMR ratio. If we consider typical rental property expenses, including mortgage payments, maintenance, insurance, and property taxes, the cash flow at the FMR level may be marginal. Assuming a conservative estimate of $1000 in total monthly expenses, the net cash flow would be approximately $330 per month. This suggests that while it may be possible to generate positive cash flow, the margins are thin, and the risk of vacancy or non-payment is higher due to the tight market and the affordability challenges faced by many residents. The investment grade for this ZIP code is moderate. While there is a strong demand for rental properties, the high percentage of renters and the tight market conditions indicate that competition for tenants could be fierce. Additionally, the reliance on Section 8 vouchers means that investors must navigate the complexities of the voucher program, including potential delays in payment processing and the need to comply with HUD regulations. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high FMR for larger units relative to median income, investors should consider focusing on smaller units such as one-bedroom or studio apartments. The FMR for a one-bedroom unit is $1050, which is less than 20% of the median income, making it more accessible to lower-income households. This could help mitigate the risk of vacancy and ensure steady cash flow. 2. **Location-Specific Strategies**: Investors should carefully evaluate the location within ZIP code 45324. Areas closer to employment centers, public transportation, and amenities may command higher rents and have better tenant retention rates. Conversely, areas farther away from these hubs might offer more affordable options for voucher holders, potentially reducing the risk of vacancy. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 45324 is to **Hold**. While there is a strong demand for rental properties, the thin margins and the complexities associated with the voucher program make it a challenging market. Investors should focus on smaller units and strategically choose locations that balance accessibility and affordability. However, given the high rent-to-income ratio and the tight market conditions, expanding into this ZIP code without a clear understanding of the local dynamics could be risky. Therefore, holding existing investments or exploring other markets with better alignment between FMR and median income might be more prudent.

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.