Location: Lima, OH | Metro: Lima, OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
The ZIP code 45802 in Lima County, Ohio, presents unique characteristics that distinguish it from other areas. Due to the lack of specific data on the number of residents, rental percentage, median income, and median home value, a precise demographic analysis cannot be conducted. However, the economic viability of Section 8 vouchers can still be assessed based on the Fair Market Rent (FMR) data.
The FMR for ZIP 45802 for fiscal year 2024 is set at $950. This figure is crucial for landlords and small-portfolio investors considering participation in the Section 8 program. While the exact market rent figures are not available, the FMR serves as a benchmark for rental subsidies, ensuring that landlords receive a fair amount for their properties.
Given the absence of detailed market rent data, it's important to note that the FMR of $950 may not accurately reflect the local rental market conditions. Landlords should consider conducting a thorough market analysis to understand the local rental dynamics before deciding to accept Section 8 tenants.
The data signature for ZIP 45802 reads as "stable," assuming that the FMR has been consistent over recent years and there are no significant indicators suggesting rapid changes in the local economy or housing market. Stability in the FMR can provide some assurance to landlords about the predictability of rental income when accepting Section 8 vouchers.
However, the term "stable" is contingent upon the availability of more comprehensive data. Without specific numbers on residents, rental rates, and median incomes, it's challenging to make definitive claims about the overall stability of the area. Landlords should remain vigilant and monitor local trends to ensure they make informed decisions regarding their investment properties.
Data Sources: FMR data from HUD (2027).
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.