Location: Ross County, OH | Metro: Ross County, OH
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 | $980 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,240 | $205,743 | 0.6% | D |
| 3BR | $1,590 | $278,883 | 0.57% | F |
| 4BR | $1,630 | $306,437 | 0.53% | F |
U.S. Census Bureau data (2024)
The Section 8 thesis in ZIP code 45628, centered around Frankfort, OH, reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for the metro area in fiscal year 2026 is set at $1,190, while the Census ACS reports the market rent at $1,032. This means that the FMR exceeds the market rent by $158, or approximately 15.3%. This gap is crucial for landlords and small-portfolio investors because it suggests that voucher tenants can potentially generate higher yields.
The higher FMR indicates that the government is willing to pay up to $1,190 per month for rental units in the area. Given that the actual market rent is lower at $1,032, landlords accepting Section 8 vouchers can benefit from a subsidized rate that is above the current market price. This scenario makes the ZIP code an attractive investment for those looking to maximize their rental income without having to charge premium rates that might deter potential tenants.
In Frankfort, OH, where 31.3% of residents are renters, the median home value stands at $226,166, and the median income is $72,587. These figures highlight the economic conditions that support the viability of the Section 8 program in the area. With a substantial portion of the population renting, there is a clear demand for affordable housing options. The median income level further underscores the necessity for subsidized housing, as it may be challenging for many residents to afford market-rate rents without assistance.
Landlords should consider the benefits of accepting Section 8 vouchers in this context. Not only does it provide a stable source of income due to the government's guarantee to cover the difference between the tenant's contribution and the total rent, but it also helps fill units that might otherwise remain vacant due to affordability concerns. By participating in the Section 8 program, landlords can contribute to the local community's housing needs while securing a reliable revenue stream.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.