Location: Lima, OH | Metro: Lima, OH MSA
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 | $910 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,200 | $66,926 | 1.79% | A+ |
| 3BR | $1,440 | $87,147 | 1.65% | A+ |
| 4BR | $1,600 | $115,824 | 1.38% | A |
U.S. Census Bureau data (2024)
The potential risks for a first-time Section 8 landlord in ZIP 45804, Lima, OH, include tenant turnover, which can be particularly challenging due to the slight disparity between the market rent of $886 and the Fair Market Rent (FMR) of $890 for FY 2024. This narrow gap may cause tenants to seek higher-paying jobs or move to areas where they can find more affordable housing, leading to frequent turnover.
Vacancy exposure is another concern, as the Days on Market (DOM) data is currently unavailable. This lack of information makes it difficult to predict how long properties might remain vacant between tenancies, potentially impacting cash flow negatively.
The deferred maintenance exposure is significant given the typical home value of $79,004 and the median income of $44,911. Homeowners in this area may struggle to keep up with necessary repairs and improvements, especially if their income does not cover the cost of maintenance. This could result in higher maintenance costs for landlords who take over these properties.
However, the high renter share of 45.2% in ZIP 45804 suggests a strong demand for rental properties, including those that accept Section 8 vouchers. A large proportion of renters often translates into a steady stream of voucher holders looking for homes, reducing the risk of prolonged vacancies.
In conclusion, the risk for a first-time Section 8 landlord in ZIP 45804, Lima, OH, is moderate.
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.