Location: Springfield, OH | Metro: Columbus, OH HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $1050 for ZIP 45369, landlords can expect to align their rental pricing closely with the government's standards for Section 8 eligibility. The actual market rent, as reported by the Census ACS, stands at $916, indicating that properties priced near the FMR will be competitive. Given the median home value of $303,772, it's clear that the area has a mix of affordable and higher-end housing options, which can influence the demand for rental properties. Renter share in the area is 9.3%, suggesting that while the majority of residents own their homes, there is still a significant portion of the population seeking rentals. Landlords should note that the median income of $88,578 suggests that many tenants may qualify for Section 8 subsidies, making it easier to find financially stable renters. Despite the lack of specific data on days on market (DOM) and the percentage of price-cut share, the existing figures paint a picture of a balanced rental market where Section 8 vouchers can play a crucial role in attracting tenants.
The $1050 FMR also sets an upper limit for monthly rental assistance payments, guiding landlords on how much they can charge without excluding potential Section 8 tenants. The difference between the FMR and the market rent ($1050 vs. $916) provides landlords with some flexibility to adjust their rates slightly above the market average while still remaining within Section 8 guidelines. This can be particularly advantageous given the median income level, ensuring that tenants can afford the rent even if they pay a portion out-of-pocket.
In conclusion, the data points to a favorable environment for landlords interested in participating in the Section 8 program. With a robust median income and a reasonable gap between market rents and the FMR, the potential for steady cash flow and tenant stability is high. Landlords should consider the benefits of offering Section 8-friendly properties in ZIP 45369. Verdict: Section 8 is a viable option for landlords in ZIP 45369.
Data Sources: FMR data from HUD (2027). 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.