Location: Cincinnati, OH | Metro: Cincinnati, OH-KY-IN HUD Metro FMR Area
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 | $840 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,150 | $216,817 | 0.53% | F |
| 3BR | $1,510 | $292,199 | 0.52% | F |
| 4BR | $1,710 | $342,977 | 0.5% | F |
U.S. Census Bureau data (2024)
Aurora, Indiana, located within the Cincinnati, OH-KY-IN HUD Metro FMR Area, presents a unique opportunity for inclusion in a Section 8 portfolio strategy. This ZIP code, 47001, stands out as a cash-flow anchor due to the significant spread between the Fair Market Rent (FMR) and the actual market rents.
The HUD's Fair Market Rent for ZIP 47001 in fiscal year 2024 is set at $1040. In contrast, the current market rent is much lower at $739. This means that landlords can expect higher rental incomes compared to the local market, which can significantly bolster cash flow. Additionally, the median home value in Aurora is $281,762, indicating that there is a reasonable investment value in the area.
The substantial gap between the FMR and market rent suggests that properties in this ZIP code can be rented at rates above the local average without exceeding the limits set by the Section 8 program. This allows landlords to maintain profitability while adhering to the program guidelines. The higher rental income can help cover mortgage payments, property taxes, insurance, maintenance, and other expenses, ensuring a steady and reliable cash flow.
Aurora does not offer strong potential for rapid appreciation, with only a 0.2% price-cut share and an N/A-day days on market (DOM), which indicates limited volatility in property values. However, its role as a cash-flow anchor is clear given the financial metrics. With a 17.9% renter share and a median income of $75,886, there is a sufficient demand for rental properties, supporting the viability of a Section 8 strategy.
In summary, Aurora, IN, is best suited as a cash-flow anchor within a Section 8 portfolio. Landlords can leverage the difference between the HUD's FMR and the local market rents to generate consistent and higher-than-average returns, making it a solid choice for those looking to stabilize their investment income.
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.