Location: Shelby County, OH | Metro: Shelby County, OH
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 | $840 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,480 | $318,724 | 0.46% | F |
U.S. Census Bureau data (2024)
The ZIP code 45340 is situated in a quiet, suburban neighborhood characterized by its low population density and high median income. With only 800 residents, it stands out as a sparsely populated area where just 5.0% of the population are renters, indicating a strong preference for homeownership among its inhabitants. The median household income of $118,000 suggests a community of financially stable individuals who can afford the median home value of $290,900.
Turning to the economic realities of renting in this area, the Fair Market Rent (FMR) for fiscal year 2026 is set at $1,080. However, the lack of available market rent data for ZIP 45340 makes it difficult to compare the FMR against actual rental rates. This gap in information could be due to the limited number of rental properties in the area.
Given the characteristics of ZIP 45340, it appears to be more suitable for a hands-off voucher operator rather than a hands-on value-add buyer. The high median income and home values suggest that tenants receiving Section 8 vouchers would likely find it challenging to afford the local rents without assistance. Therefore, landlords in this area should focus on properties that align with the FMR guidelines to attract and retain tenants eligible for the Section 8 program. The scarcity of rental units also implies a lower demand for extensive property improvements, making hands-off management a more practical approach.
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.