Location: Ross County, OH | Metro: Ross County, OH
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
The ZIP code 45617 encompasses parts of Bourneville, Ohio, a small community located in Ross County. The area has a total population of 199 individuals, though specific figures regarding the percentage of renters are not available. The median household income in 2023 was estimated at $60,666, providing insight into the financial status of the residents. Meanwhile, the median home value in the same year was approximately $177,200. These figures paint a picture of a modest, rural setting.
Moving into the economic landscape of rental properties, the Fair Market Rent (FMR) for ZIP 45617, set for metro fiscal year 2026, stands at $1,060. This figure is crucial for Section 8 investors as it dictates the maximum rent allowed for subsidized housing. However, specific market rent data is not available, which could be due to the limited number of rental units in the area.
Considering the practical aspects of investment in ZIP 45617, the suitability for either a hands-off voucher operator or a hands-on value-add buyer depends on the individual's investment strategy. For those inclined towards a hands-off approach, the consistent demand for affordable housing, as indicated by the Section 8 program, might provide a steady stream of income with minimal management effort. Conversely, a hands-on investor could find opportunities to improve property values and rents, given the modest median home value and income levels.
To make an informed decision, further research into the local rental market dynamics would be beneficial. Nonetheless, the combination of low median home values and the defined FMR provides a clear framework for potential investments in the area.
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.