Location: Van Wert County, 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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,430 | $242,146 | 0.59% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 45894 in fiscal year 2024 is set at $950. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program. It does not mean that tenants will pay $950 directly; rather, it's the maximum amount the program will reimburse landlords for renting out a unit in this area.
To put this into context, the average rent in ZIP 45894, based on recent Census American Community Survey (ACS) data, is $931. This suggests that the FMR aligns closely with the market rate, making it feasible for landlords to participate without significant financial loss.
Regarding demand, 10.3% of the population in ZIP 45894 are renters. This indicates that there is a steady demand for rental properties, especially among those who qualify for assistance through the Section 8 program. Given the FMR and the local average rent, you can expect that the program will cover most of your costs, leaving little to no gap between what you charge and what the voucher pays.
When considering the acquisition cost of a property, the median home value in ZIP 45894 is $214,187. This is the typical price you would pay to buy a home in this area, which could then be rented out under the Section 8 program. While this might seem like a significant investment, it can be offset by the guaranteed rental income provided by the government, ensuring that your property generates consistent cash flow.
Before proceeding with your first Section 8 rental, ensure that your property meets all the necessary requirements for the program. This includes passing a housing quality standards inspection, which verifies that the property is safe, decent, and sanitary for tenants. Compliance with these standards is essential to avoid any legal issues or financial penalties.
In summary, with an FMR of $950 and a local average rent of $931, the Section 8 program offers a viable option for landlords in ZIP 45894. The 10.3% renter share ensures demand, and the median home value of $214,187 provides a realistic benchmark for acquisition costs. Your next step should be to confirm that your property meets the required standards to participate in the program.
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.