Location: Springfield, OH | Metro: Springfield, 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 | $750 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,330 |
| 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 |
|---|---|---|---|---|
| 2BR | $1,080 | $136,926 | 0.79% | D |
| 3BR | $1,330 | $204,332 | 0.65% | D |
| 4BR | $1,530 | $250,090 | 0.61% | D |
U.S. Census Bureau data (2024)
In ZIP 45341, which encompasses Medway, OH, the HUD Fair Market Rent (FMR) for fiscal year 2024 is set at $970. This figure represents the maximum amount that can be paid for a two-bedroom unit under the Section 8 Housing Choice Voucher program. In contrast, the market rent for the same area, as reported by the Census Bureau's American Community Survey (ACS), is significantly lower at $735.
The disparity between the HUD FMR and the actual market rent indicates that voucher tenants in ZIP 45341 will cashflow comfortably at the FMR rate. With the HUD FMR being $970 and the market rent being $735, landlords can expect positive cashflow from voucher tenants without needing to offer premium units.
The median home value in ZIP 45341 is $181,712. Using this figure, we can calculate a rent-to-price ratio. For a median-priced home, the monthly rent would be approximately $735, leading to a rent-to-price ratio of about 0.4%. This suggests that renting out homes at market rates is financially advantageous compared to purchasing them at their median value.
The dynamics of the rental market versus the homebuying market in this area are relevant due to the significant difference between the HUD FMR and the actual market rent. The days on market (DOM) and the percentage of price cuts are not available for this ZIP code; however, given the current conditions, it is unlikely that these factors would negatively impact the strong rent-to-price ratio observed.
The strongest investor angle in ZIP 45341 is cashflow. Given the substantial gap between the HUD FMR and the market rent, landlords can expect steady and reliable cashflow from voucher tenants, making this a favorable investment opportunity for those interested in Section 8 properties.
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.