Section 8 Fair Market Rent (FMR) for ZIP 45657 - 2027

Investment Score for ZIP 45657

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

A decision tree for evaluating ZIP 45657 (Otway, OH) for Section 8 investments hinges on three key factors: Fair Market Rent (FMR), market rent comparison, and rental demand. Begin your analysis with the following questions:

1) Does the FMR of $970 cover the debt service on a property valued at $153,982?

• Yes: The FMR comfortably exceeds the debt service requirement, making it financially viable to purchase properties in this ZIP code for Section 8 tenants. This indicates that landlords can expect to receive sufficient payments to cover their mortgage and other expenses.
• No: The FMR does not sufficiently cover the debt service for properties at this price point. Landlords should either look for cheaper properties or reconsider investing in this ZIP code unless they can secure additional income sources or reduce costs.

2) How does the market rent of $821 compare to the FMR?

• Above FMR: If the market rent were higher than the FMR, it would suggest that landlords could potentially earn more from private tenants than from Section 8 vouchers. However, given the actual data, this scenario does not apply.
• At FMR: If the market rent equaled the FMR, it would indicate a balanced market where Section 8 vouchers are competitive with market rates. This scenario also does not apply based on the provided data.
• Below FMR: The market rent is below the FMR, indicating that landlords may find it advantageous to accept Section 8 vouchers due to the higher guaranteed income compared to what they might earn from market-rate tenants. This supports the viability of Section 8 investments in this ZIP code.

3) Is the combination of 23.6% renters and N/A-day Days on Market (DOM) indicative of strong demand?

• It Depends: With 23.6% of the population being renters, there is a notable but not overwhelming demand for rental housing. The lack of data on DOM makes it difficult to assess how quickly properties are typically rented out. If other indicators show a stable or growing rental market, the demand could be considered sufficient. However, without DOM data, landlords must rely on other local economic factors and trends to make an informed decision about the strength of demand.

In conclusion, if the FMR of $970 clears the debt service on a property valued at $153,982 and the market rent of $821 is below the FMR, then Otway, OH is a viable location for Section 8 investments. The presence of 23.6% renters suggests moderate demand, which must be further evaluated alongside other local market conditions to determine the overall attractiveness of this ZIP code for landlords and small-portfolio investors.

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.