Location: Morgan County, OH | Metro: Hocking County, 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 | $840 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $880 | $84,735 | 1.04% | B |
| 2BR | $1,000 | $102,378 | 0.98% | C |
| 3BR | $1,240 | $154,713 | 0.8% | C |
| 4BR | $1,350 | $200,251 | 0.67% | D |
U.S. Census Bureau data (2024)
The ZIP code 45732 in Ohio presents a unique opportunity for real-estate investors, particularly those interested in Section 8 properties. With a Fair Market Rent (FMR) of $860 for fiscal year 2024, this area offers a higher yield compared to the local market rent of $697. The FMR figure is set by HUD to ensure that rental units are affordable for low-income families, making it a critical benchmark for Section 8 properties.
The median home value in ZIP 45732 stands at $105,431, which is relatively low, indicating that there could be a significant number of homes eligible for Section 8 tenancy. This makes the area attractive for investors looking to maximize their return on investment through government-subsidized rents.
On the stability axis, the ZIP code shows a 20.1% rate of renters, suggesting a moderate level of demand for rental properties. However, the absence of data on days on market (DOM) indicates a lack of recent sales activity, which could imply either a stable market with consistent occupancy or a less dynamic market with fewer turnovers. The average income in the area is $60,605, which is another factor that contributes to the stability of the rental market. Higher incomes generally correlate with lower turnover rates and better payment reliability.
To classify ZIP 45732, we must consider both yield and stability. The yield is high due to the $860 FMR being significantly above the market rent of $697. This suggests that properties in this area can generate above-average returns for Section 8 landlords. On the other hand, the stability is somewhat mixed. While the income level supports a relatively stable rental environment, the limited data on DOM and the moderate rental rate suggest that while there is demand, it might not be as robust as in areas with higher DOM activity.
In conclusion, ZIP 45732 leans towards a high-yield market but with moderate stability. It is not quite a flip-style market, given the lack of frequent property turnovers, but it also does not provide the steady cash flow typically associated with a high-stability zone. For small-portfolio investors and landlords, this ZIP code represents an opportunity to achieve strong returns while managing moderate risk. The key figures driving this assessment are the $860 FMR versus the $697 market rent and the $60,605 average income.
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.