Location: Meigs County, OH | Metro: Athens County, OH
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
A skeptical investor looking at ZIP code 45776 might have several concerns regarding the feasibility of investing in properties that participate in the Section 8 program. Here are three key objections, along with the data to address them:
Objection 1: Will Fair Market Rent (FMR) of $1,070 cover the mortgage on a $158,244 home?
The FMR of $1,070 is the maximum amount that a Section 8 tenant can be expected to pay in rent for a unit in ZIP 45776. To determine if this will cover the mortgage, we need to consider the interest rate and loan term. Assuming a 30-year fixed-rate mortgage at an average interest rate of 4.5%, the monthly mortgage payment on a $158,244 home would be approximately $792. This means that the FMR of $1,070 would indeed cover the mortgage payment, leaving a buffer of $278 per month for property taxes, insurance, and maintenance costs.
Objection 2: Is there enough renter demand at 12.4%?
The 12.4% represents the percentage of households in ZIP 45776 that are considered renters. While this figure is relatively low compared to urban areas, it still indicates a significant portion of the population that relies on rental housing. However, the data does not provide information on the specific demand for Section 8 units. To accurately gauge demand, one would need to look into local tenant associations or housing authorities for the number of applicants on the waitlist. Without this information, it's challenging to definitively assess the demand for Section 8 properties in ZIP 45776.
Objection 3: Will vouchers keep pace with N/A market rents?
The data provided does not include specific information on how voucher amounts adjust over time relative to market rents. In general, Section 8 vouchers are designed to help low-income families afford decent housing. The Housing Choice Voucher Program adjusts its payment standards annually based on local market conditions. However, the lack of specific data on future adjustments makes it impossible to conclusively state whether vouchers will keep pace with market rents in ZIP 45776. It's advisable to monitor local housing authority announcements and national trends to anticipate any changes.
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.