Section 8 Fair Market Rent (FMR) for ZIP 45854 - 2027
Location: Lima, OH | Metro: Lima, OH MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $810 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$53,125
To determine if you should buy in ZIP code 45854 for Section 8 investments, follow this decision tree:
- Does the Fair Market Rent (FMR) of $1040 cover debt service on a property?
- Yes: The FMR is sufficient to cover your debt service. Proceed to the next question.
- No: Do not invest in this ZIP code as the FMR does not provide adequate income to cover your expenses.
- Is the market rent of $647 above, at, or below the FMR?
- Above: This indicates that the market rent is higher than the FMR, which could mean lower reliance on Section 8 subsidies. However, you still need to ensure that the FMR covers your debt service.
- At: Market rent matches the FMR, indicating a balanced scenario where Section 8 tenants can afford the rent without significant subsidy gaps.
- Below: Market rent is lower than the FMR, suggesting a reliance on Section 8 subsidies to meet rental prices. Ensure that the FMR can cover your debt service before investing.
- Are the 22.4% of renters combined with the days on market (DOM) sufficient to meet demand?
- Yes: If the 22.4% of renters is high enough to support a steady stream of Section 8 tenants and the DOM is low, indicating quick turnover, then there is likely enough demand to consider investing.
- No: If the percentage of renters is insufficient to sustain a steady flow of Section 8 tenants or the DOM is too high, indicating slow turnover, then demand is not strong enough to warrant investment.
- It Depends: The 22.4% of renters may be sufficient, but the DOM factor is missing. Evaluate local trends and competition to gauge whether the demand can support your investment. A low DOM suggests strong demand, while a high DOM might indicate otherwise.
The decision to invest in ZIP 45854 hinges on these factors. If the FMR does not cover your debt service, do not proceed. If market rent is below FMR, ensure that the gap is manageable. Lastly, assess the combination of renters' percentage and DOM to confirm demand. Without the DOM figure, the final assessment remains inconclusive.
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.