Location: Lima, OH | Metro: Lima, OH MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 45808 in Lima, OH, reveals several key points for landlords and small-portfolio investors.
The rent math does not favorably align. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1030, while the actual market rent as per the Census ACS stands at $1,071. This indicates that landlords could potentially charge slightly above the FMR to remain competitive, but the difference is minimal and might not cover additional costs such as maintenance and property management.
Acquisition of properties in this ZIP code is relatively affordable. With a median home value of $116,632, potential investors can enter the market without requiring substantial capital. However, the lack of data on the number of days on market (DOM) and the percentage of homes needing price cuts suggests that the local real estate market may have inefficiencies or be less transparent regarding property turnover rates and pricing adjustments.
Tenant demand is modest given the small population size of 350 residents, with only 18.9% being renters. This low renter share implies that the pool of potential tenants is limited, which could affect occupancy rates and the ability to quickly fill vacancies.
Verdict: While the acquisition cost is low, making it an attractive entry point for investors, the tight margins between FMR and market rent, combined with a limited tenant base, suggest that ZIP 45808 may present challenges for achieving strong financial returns. Investors should proceed with caution and consider diversifying their portfolio beyond this ZIP code to mitigate risk.
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.