Location: Van Wert County, OH | Metro: Van Wert County, OH
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,090 for ZIP 45838 in fiscal year 2026 will adequately cover the mortgage on an average home. The data does not provide the median home price for ZIP 45838, making it impossible to calculate the exact mortgage amount. However, if we consider typical mortgage rates and terms, a conservative estimate suggests that a home priced around the median for the area could have a monthly mortgage payment that is competitive with the FMR. This would require further analysis into local home prices and interest rates.
The rental vacancy rate of 7.4% raises another concern about the demand for rental properties in ZIP 45838. A vacancy rate of 7.4% indicates that there is a moderate level of competition among landlords. While this rate is higher than the national average, which typically hovers around 7%, it still signifies a reasonable demand for rental housing. Landlords can mitigate risks by ensuring their properties are well-maintained and competitively priced. Additionally, understanding the local job market and population trends can help in forecasting future demand.
A final objection relates to the ability of Housing Choice Vouchers to keep up with market rents. The data provided does not specify the current voucher amounts or their historical growth rate compared to market rents. Without this information, it's challenging to make a definitive statement. However, it's known that voucher amounts are adjusted periodically based on HUD guidelines, which aim to reflect changes in the local cost of living. For landlords accepting vouchers, staying informed about these adjustments is crucial. It also helps to know that voucher holders often value stability and long-term tenancy, which can be beneficial for property management.
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.