Location: Scioto County, OH | Metro: Huntington-Ashland, WV-KY-OH HUD Metro FMR Area
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 | $860 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $860 | $58,827 | 1.46% | A |
| 2BR | $1,000 | $95,026 | 1.05% | B |
| 3BR | $1,290 | $151,478 | 0.85% | C |
| 4BR | $1,390 | $191,943 | 0.72% | D |
| 5BR | $1,612 | $229,791 | 0.7% | D |
U.S. Census Bureau data (2024)
ZIP code 45638 is situated in the city of Ironton, Ohio. This area is characterized by a modest-sized community of 19,982 residents, where nearly one-third (31.4%) of the population are renters. The median household income in this ZIP code stands at $52,728, indicating a middle-class neighborhood. Median home values in the area are relatively low at $114,107, suggesting an affordable housing market.
The economic landscape for rental properties in ZIP 45638 is favorable for investors. The Fair Market Rent (FMR) set for the area in fiscal year 2024 is $890, which is notably higher than the reported market rent of $807 based on Census ACS data. This discrepancy presents an opportunity for landlords and small-portfolio investors to potentially increase rents while still being within the government's guidelines for affordability.
Given these conditions, ZIP 45638 could be an attractive investment for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the higher FMR compared to the current market rent means that they can rely on Section 8 vouchers to cover a substantial portion of their rental income without the need for active property management. On the other hand, for those who prefer a more hands-on approach, there is room to improve property quality and raise rents closer to the FMR level, thereby increasing profitability.
In conclusion, the demographic and economic factors in ZIP 45638 make it a viable option for Section 8 investments. Whether you seek passive income through voucher programs or active management to enhance property value, the numbers suggest that Ironton, OH offers a solid foundation for such endeavors.
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.