Location: Hancock County, OH | Metro: Hancock County, OH
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The ZIP code 45897 presents a unique scenario for both renters and landlords alike. Given the median income of $56,528, it's crucial to assess whether this income level aligns with the local housing market rates. Unfortunately, the market rate for rentals in this area is listed as N/A, which suggests there might be limited data on typical rental prices. However, we can analyze the situation using the Fair Market Rent (FMR) figure provided by the Department of Housing and Urban Development (HUD), which stands at $1,030 per month for the metro area in fiscal year 2026.
When comparing the median income to the HUD's FMR, it becomes evident that the average household could afford the standard voucher payment. A monthly rent of $1,030 represents approximately 18.2% of the median income, which is generally considered affordable under most financial guidelines. This indicates that the households in ZIP 45897 should be capable of meeting their housing costs without undue financial strain when utilizing a voucher.
The extremely low percentage of renters—only 0.0%—combined with a total population of just 115 individuals, points to a highly competitive market for landlords. The scarcity of renters means that landlords must be strategic in attracting tenants. Vouchers become an attractive option given the affordability they provide to potential tenants, but the sheer number of available units relative to the demand could make it challenging to fill properties regardless of payment method.
For landlords considering their strategy, focusing on voucher acceptance can be beneficial due to the guaranteed payment and the ability to serve a financially constrained market. However, the low number of renters also implies that cash-paying tenants might be scarce, leading to a situation where landlords have to balance between accepting vouchers and potentially leaving units vacant if they do not. The takeaway is clear: landlords in ZIP 45897 should consider accepting vouchers to ensure occupancy, but they must also prepare for the possibility of having fewer tenants overall compared to more densely populated areas.
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.