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 | $850 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,220 | $85,396 | 1.43% | A |
| 3BR | $1,510 | $131,921 | 1.14% | B |
| 4BR | $1,730 | $127,088 | 1.36% | A |
U.S. Census Bureau data (2024)
The ZIP code 45506 in Springfield, OH, presents a market in motion, characterized by a balance between rental and ownership dynamics. The Fair Market Rent (FMR) for the area stands at $920 for the fiscal year 2024, which is notably lower than the market rent, or Zillow Observed Rental Index (ZORI), at $1,250. This suggests that the rental market is experiencing upward pressure, potentially indicating a scenario where demand is close to outpacing supply.
The 0.2% price-cut share reveals that landlords are rarely needing to reduce rents to attract tenants, which further supports the idea that rental demand is robust. However, the absence of day-days on market (DOM) data complicates the assessment of how quickly properties are being leased. Despite this, the median home value of $118,145 provides insight into the affordability of homeownership in the area, which could influence the decision-making process of potential buyers versus renters.
A key indicator of long-term housing pressure is the 42.4% renter share. This significant proportion of renters suggests ongoing demand for rental properties, driven by factors such as affordability, lifestyle preferences, or temporary living situations. As a result, landlords can expect sustained interest in their rental offerings, making it a stable market for investment.
In summary, 45506 is a market where rental demand appears strong relative to supply, supported by a low price-cut share and high renter share. While homeownership remains accessible due to the median home value, the rental market dynamics indicate a steady flow of demand, making it an attractive environment for landlords and small-portfolio investors seeking consistent returns.
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.