Location: Washington County, OH | Metro: Noble County, OH
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
U.S. Census Bureau data (2024)
The analysis for the Section 8 program in ZIP code 45746 reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2026, the FMR is set at $1,230, while the Census ACS reports the market rent at $1,080. This creates a $150 difference, or approximately 12.2% below the FMR.
In this scenario where the FMR exceeds the market rent, landlords and small-portfolio investors can leverage this gap to enhance their investment yields. By participating in the Section 8 program, they receive a rental payment that is higher than what the open market would typically offer, thus providing a financial advantage. The voucher system ensures that tenants can afford the rent, making it a stable and predictable source of income for property owners.
With only 19.6% of residents being renters, the demand for rental properties in ZIP 45746 is relatively low. However, the Section 8 program can attract a steady stream of tenants who are guaranteed to pay the higher FMR rate. Given the median income of $65,161, many local residents likely qualify for the housing voucher assistance, which helps them afford housing that would otherwise be out of reach based on market rents.
The absence of a median home value suggests that the area may have a diverse mix of property types, possibly including a high proportion of rentals or other non-traditional housing forms. This further supports the idea that the Section 8 program can provide a consistent and reliable tenant base for landlords, especially when market rents are lower than the FMR. Therefore, the gap between the FMR and market rent makes ZIP 45746 an attractive location for landlords seeking to maximize their returns through government-assisted tenancy.
Data Sources: FMR data from HUD (2027). 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.