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 | $840 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,210 | $163,968 | 0.74% | D |
| 3BR | $1,500 | $231,281 | 0.65% | D |
| 4BR | $1,720 | $319,192 | 0.54% | F |
| 5BR | $1,995 | $383,908 | 0.52% | F |
U.S. Census Bureau data (2024)
ZIP 45504, located in Springfield, OH, within the Springfield, OH MSA metro area, serves well as an appreciation play within a Section 8 portfolio strategy. The Federal Market Rent (FMR) for ZIP 45504 in fiscal year 2024 is set at $990, while the market rent stands at $944. This slight difference of $46 suggests that landlords can expect to receive slightly above-market rents through Section 8 vouchers, providing a stable cash flow.
The median home value in ZIP 45504 is $209,617, indicating that property values are relatively low compared to other areas. However, the 0.1% price-cut share and N/A-day days on market (DOM) suggest that properties in this area do not often require significant price reductions or extended listing periods to sell. This stability in property sales indicates that ZIP 45504 could be a good location for appreciation plays, where the focus is on long-term capital gains rather than immediate rental income.
While the 26.0% renter share and median income of $69,960 might make ZIP 45504 seem like a potential diversifier, given the relatively low median income, it is more advantageous to view it as an appreciation play. The low median income means that there is a strong demand for affordable housing options, which Section 8 provides. As such, landlords can benefit from the steady cash flow provided by Section 8 tenants, coupled with the potential for long-term property value growth.
To summarize, ZIP 45504 should be considered an appreciation play in a Section 8 portfolio strategy due to the slightly above-market rents offered by the FMR and the stable property sales environment. Landlords will secure a reliable tenant base with the promise of future property value increases.
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.