Location: Shelby County, OH | Metro: Darke 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 | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,410 | $364,686 | 0.39% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 45388 within the Shelby County, OH metro area reveals several key points that should be considered by landlords and small-portfolio investors.
First, the rent math does not work favorably. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,020. However, the market rent in ZIP 45388 is not available, indicating a lack of current data on what tenants are willing to pay. This absence of information suggests caution when setting rental prices, as they must align closely with the FMR to ensure compliance with HUD guidelines if pursuing Section 8 tenants.
Second, the acquisition cost appears reasonable. With a median home value of $339,590, the area is relatively affordable compared to other parts of Ohio. Unfortunately, the data does not provide specifics on the days on market (DOM) or the percentage of homes that have had their prices cut. These missing details would be crucial for understanding the local housing market's dynamics and how quickly properties can be sold or rented out.
Third, there is limited tenant demand. The ZIP code has a population of 841, with only 11.9% being renters. This low renter share means that the pool of potential Section 8 tenants is small, which could impact the ability to fill vacancies consistently.
In summary, while the acquisition cost of properties in ZIP 45388 is affordable, the lack of market rent data and the low renter share make it a challenging environment for landlords and small-portfolio investors. The FMR of $1,020 sets a high bar for rental income, and the limited number of renters suggests that finding compliant Section 8 tenants may be difficult. Therefore, investing in this ZIP code requires careful consideration and possibly a focus on other rental markets within the broader metro area to diversify risk and ensure a steady stream of tenants.
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.