FMR is near market; voucher and private rents are aligned.
0.92
1 BR
1 BR
1.00ratio
FMR$1,050
Market$1,050
vs market+$0
FMR is near market; voucher and private rents are aligned.
1.00
3 BR
3 BR
1.29ratio
FMR$1,628
Market$1,260
vs market+$368
FMR is above market; underwrite to market rent.
1.29
4 BR
4 BR
1.35ratio
FMR$1,756
Market$1,300
vs market+$456
FMR is above market; underwrite to market rent.
1.35
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
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ZIP 44073 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 44073 (Novelty, OH) is $1,274 a month. That is down 0.4% from $1,279 in FY 2026. Novelty 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. The median county two-bedroom FMR in Ohio is $1,048, so ZIP 44073 is 22% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 44073
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$933
$924
−1.0%
$832–$1,016
1BR
$1,058
$1,050
−0.8%
$945–$1,155
2BR
$1,279
$1,274
−0.4%
$1,147–$1,401
3BR
$1,646
$1,628
−1.1%
$1,465–$1,791
4BR
$1,760
$1,756
−0.2%
$1,580–$1,932
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 44073
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$924
$1,050
$1,274
$1,628
$1,756
FY 2026
$933
$1,058
$1,279
$1,646
$1,760
FY 2025
$881
$995
$1,208
$1,553
$1,667
FY 2024
$811
$913
$1,108
$1,434
$1,527
FY 2023
$719
$820
$998
$1,296
$1,369
Questions about ZIP 44073 rents
How much will Section 8 pay for a two-bedroom in ZIP 44073?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,274, that basic range is $1,147 to $1,401 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 44073 in?
ZIP 44073 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 44073 for FY 2027?
The two-bedroom FMR fell 0.4%, from $1,279 in FY 2026 to $1,274 in FY 2027. Since FY 2023 it has risen 27.7%.
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 Fair Market Rents. 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