Location: Paulding County, OH | Metro: Defiance County, OH
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 | $760 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,000 | $137,502 | 0.73% | D |
| 3BR | $1,320 | $186,823 | 0.71% | D |
| 4BR | $1,690 | $247,219 | 0.68% | D |
U.S. Census Bureau data (2024)
A skeptical investor looking into ZIP code 45813, located in Antwerp, OH, might raise several concerns regarding the feasibility of investing in rental properties, particularly those eligible for Section 8 subsidies. Here's a direct look at these objections based on available data.
Objection 1: Will Fair Market Rent (FMR) of $970 (metro FY 2026) cover the mortgage on a $170,185 home?
The FMR of $970 for the fiscal year 2026 is indeed a critical figure for determining if a rental property can be financially viable. To assess whether this FMR can cover the mortgage on a home valued at $170,185, we must consider typical mortgage rates and terms. Assuming a 30-year fixed-rate mortgage at an average rate of 5%, the monthly principal and interest payment on a $170,185 home would be approximately $923. This amount is slightly below the FMR, suggesting that the rent could cover the mortgage payment. However, it's important to note that this calculation does not include other costs such as property taxes, insurance, maintenance, and utilities, which would need to be factored into the overall financial model.
Objection 2: Is there enough renter demand at 21.7%?
The percentage of renter-occupied housing units in ZIP 45813 stands at 21.7%. While this figure indicates a lower proportion of renters compared to owner-occupiers, it still represents a significant portion of the population. The demand for rental properties, especially those covered by Section 8, is often driven by the availability of affordable housing options. Despite the relatively low percentage, the specific needs of the community might still support a strong demand for subsidized rentals. For instance, if the area has a high number of low-income families or individuals who qualify for Section 8 assistance, the 21.7% could translate into a robust market for rental properties.
Objection 3: Will vouchers keep pace with $803 market rents?
The average market rent in ZIP 45813 is $803, which is notably lower than the FMR of $970. The key question here is whether the Section 8 voucher amounts will align with these market conditions. Based on the FMR, the voucher amounts should theoretically cover a substantial portion of the market rent, ensuring that tenants can afford their homes. However, the actual voucher amounts can vary based on individual tenant circumstances and the local housing authority's policies. It's prudent to verify the current and projected voucher amounts directly with the local housing authority to ensure they match the market rents.
In conclusion, while the data provides a foundation for addressing these concerns, some aspects require further investigation. For instance, understanding the total cost structure beyond just the mortgage payment and verifying the specifics of voucher amounts can offer clearer insights into the investment potential of ZIP 45813.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.