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 | $860 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $950 | $86,761 | 1.09% | B |
| 2BR | $1,240 | $153,624 | 0.81% | C |
| 3BR | $1,530 | $209,617 | 0.73% | D |
| 4BR | $1,760 | $271,427 | 0.65% | D |
| 5BR | $2,042 | $284,238 | 0.72% | D |
U.S. Census Bureau data (2024)
192806 The median home value in Springfield, OH (ZIP 45503), stands at $192,806, offering a solid base for real estate investments. 892 Market rent averages $892, which is significantly lower than the Fair Market Rent (FMR) of $1030 set for zip code 45503 in fiscal year 2024. 1030 This indicates that landlords can potentially charge higher rents through non-subsidized means, aligning with the FMR benchmark. 39.2 In a market where 39.2% of residents are renters, there's a notable demand for rental properties, making it a viable option for small-portfolio investors. 59595 With a median income of $59,595, tenants in this area have the financial capacity to afford the average market rent and even the higher FMR rates. 15 Landlords can expect a relatively quick turnaround on their listings, with an average Days on Market (DOM) of just 15 days, suggesting strong tenant interest. 0.3 However, only a minimal 0.3% of listings experience price cuts, indicating that the market is stable and that properties are valued accurately. 192806 For those considering Section 8 participation, the median home value and market conditions suggest that it could be a financially sound decision, given the support it provides to maintain occupancy rates without significant discounting. 1030 The Section 8 program, with its $1030 FMR, ensures that landlords receive a fair rent amount while providing affordable housing options to eligible tenants. 892 Compared to the average market rent of $892, participating in Section 8 can offer a more predictable income stream. 15 Considering the low DOM of 15 days, landlords who join the Section 8 program can expect consistent demand for their properties. 0.3 With such a low price-cut share of 0.3%, the risk of needing to reduce rent below market rates is minimal. 192806 Given the median home value and the stability of the local rental market, Section 8 remains a valuable tool for landlords and investors looking to secure steady cash flows.
1030 Verdict: Section 8 participation is advisable for maintaining occupancy and receiving a reliable, fair-market rent of $1030.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.