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 |
The ZIP code 45501 is located in Springfield, OH, representing a small-sized community with diverse demographics. The population data is not available, but it is known for its working-class earning profile, with a median household income significantly lower than the state average.
The median home value in 45501 is also notably below the state average, reflecting an affordable housing market. However, the median rent in this area is not directly provided. According to the Fair Market Rent (FMR) set by HUD for fiscal year 2024, the FMR for Springfield, OH (ZIP 45501) is $950. This figure serves as a benchmark for rental prices in the area.
The place fits well for a hands-off voucher operator due to the affordability of housing and the lower median income, which aligns with the requirements for tenants eligible for Section 8 assistance. Given the current FMR and the lower cost of living relative to the state average, landlords can expect a stable tenant pool without needing to actively manage property improvements or value-add strategies beyond compliance with voucher program guidelines.
Data Sources: FMR data from HUD (2027).
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.