Cuyahoga County/Gates Mills/44040

44040

ZIPSAFMR

Cuyahoga County, OH

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ZIP Investment Score

35Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,390	$1,340	11.6%
1 BR	$1,570	$1,430	11.9%
2 BR	$1,910	$1,860	12.0%
3 BR	$2,440	$2,190	11.5%
4 BR	$2,630	$2,650	11.8%
5 BR	$3,024	Not available	11.8%
6 BR	$3,478	Not available	11.8%
7 BR	$4,000	Not available	11.8%
8 BR	$4,600	Not available	11.8%

Purchase Price Calculator

Maximum purchase price

$214,479

Cost breakdown

+Likely effective rent$1,860

HUD FMR$1,910

Market rentUsed$1,860

Est. payment standard (98%)$1,880

-Principal and interest-$1,085

Loan amount$171,583

Down payment$42,896

Rate6.50%

Term30 years

-Operating costs-$575

Property taxes-$214

Insurance-$175

Utilities$0

HOA$0

Management-$186

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$29,839(69.6% ROI)

Projected value

$230,970

Return breakdown

Property appreciation+$16,491

Loan principal paid down+$6,147

Rental cash flow+$7,200

5-year hold

+$51,147(119.2% ROI)

Projected value

$242,663

Return breakdown

Property appreciation+$28,184

Loan principal paid down+$10,962

Rental cash flow+$12,000

10-year hold

+$110,194(256.9% ROI)

Projected value

$274,551

Return breakdown

Property appreciation+$60,072

Loan principal paid down+$26,122

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.04ratio

FMR$1,390

Market$1,340

vs market+$50

FMR is near market; voucher and private rents are aligned.

1.04

1 BR

1.10ratio

FMR$1,570

Market$1,430

vs market+$140

FMR is near market; voucher and private rents are aligned.

1.10

2 BR

1.03ratio

FMR$1,910

Market$1,860

vs market+$50

FMR is near market; voucher and private rents are aligned.

1.03

3 BR

1.11ratio

FMR$2,440

Market$2,190

vs market+$250

FMR is above market; underwrite to market rent.

1.11

4 BR

0.99ratio

FMR$2,630

Market$2,660

vs market-$30

FMR is near market; voucher and private rents are aligned.

0.99

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 44040 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 44040 (Gates Mills, OH) is $1,910 a month. That is down 0.5% from $1,920 in FY 2026. Gates Mills is in the Cleveland, OH HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 57 ZIP codes in Cuyahoga County, 44040 is tied for the highest two-bedroom rent (county range $1,000–$1,910). The median county two-bedroom FMR in Ohio is $1,048, so ZIP 44040 is 82% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 44040
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,400	$1,390	−0.7%	$1,251–$1,529
1BR	$1,590	$1,570	−1.3%	$1,413–$1,727
2BR	$1,920	$1,910	−0.5%	$1,719–$2,101
3BR	$2,470	$2,440	−1.2%	$2,196–$2,684
4BR	$2,640	$2,630	−0.4%	$2,367–$2,893

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 44040
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,390	$1,570	$1,910	$2,440	$2,630
FY 2026	$1,400	$1,590	$1,920	$2,470	$2,640
FY 2025	$1,320	$1,490	$1,810	$2,330	$2,500
FY 2024	$1,000	$1,120	$1,360	$1,760	$1,880
FY 2023	$890	$1,010	$1,230	$1,600	$1,690

Two-bedroom rent in nearby Cuyahoga County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 44040
44017	$1,270	−33.5%
44022	$1,830	−4.2%
44023	$1,910	0.0%
44040Current	$1,910	—
44070	$1,340	−29.8%
44092	$1,290	−32.5%
44101	$1,680	−12.0%
44102	$1,150	−39.8%
44103	$1,080	−43.5%
44104	$1,000	−47.6%
44105	$1,070	−44.0%
44106	$1,430	−25.1%

Questions about ZIP 44040 rents

How much will Section 8 pay for a two-bedroom in ZIP 44040?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,910, that basic range is $1,719 to $2,101 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 44040 in?

ZIP 44040 is in the Cleveland, OH HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 44040 for FY 2027?

The two-bedroom FMR fell 0.5%, from $1,920 in FY 2026 to $1,910 in FY 2027. Since FY 2023 it has risen 55.3%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rent Gates Mills, OH fair market rent OH statewide rents What is SAFMR?Data sources