Location: Springfield, OH | Metro: Springfield, OH MSA
| 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)
ZIP code 45372, located within the Springfield, OH MSA, presents a unique set of characteristics that diverge from the typical ZIP codes within the metro area. The Fair Market Rent (FMR) for ZIP 45372 in fiscal year 2024 is $940, which is notably higher than the market rent of $800. This indicates that while the government's benchmark for affordable housing is set at a higher rate, the actual rental market in this area is more competitive and potentially offers better value for tenants.
The median home value in ZIP 45372 stands at $124,884, which is below the average for the Springfield, OH MSA. This suggests that the area could be considered a value pocket within the larger metro region, offering homeownership opportunities at a lower price point compared to other areas.
A key factor for Section 8 real-estate analysts is the percentage of renters, which in ZIP 45372 is 23.8%. This figure is slightly above the national average, indicating a relatively high demand for rental properties. When combined with the below-average home values, it points towards an area where rental subsidies might play a significant role, making it attractive for landlords who can benefit from the Section 8 program.
Comparatively, typical ZIP codes within the Springfield, OH MSA likely have higher home values and potentially closer alignment between FMR and market rents. The discrepancy between FMR and market rent in ZIP 45372, along with its below-average home values and slightly elevated renter share, suggests that this area could be particularly advantageous for those involved in the Section 8 housing market. Landlords and small-portfolio investors should take note of these conditions, as they can influence the profitability and demand for rental properties in this ZIP code.
To summarize, ZIP 45372 appears to be a value pocket within the Springfield, OH MSA, with below-average home values and a higher-than-average renter share, despite the FMR being above the market rent. These factors make it a potential sweet spot for Section 8 investments.
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.