Cuyahoga County/Cleveland/44121

44121

ZIPSAFMR

Cuyahoga County, OH

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ZIP Investment Score

157High yield potential

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,020	$1,120	4.3%
1 BR	$1,160	$1,000	4.7%
2 BR	$1,410	$1,380	4.7%
3 BR	$1,800	$1,710	4.2%
4 BR	$1,940	$1,920	4.5%
5 BR	$2,231	Not available	4.5%
6 BR	$2,566	Not available	4.5%
7 BR	$2,950	Not available	4.5%
8 BR	$3,393	Not available	4.5%

Purchase Price Calculator

Maximum purchase price

$143,151

Cost breakdown

+Likely effective rent$1,380

HUD FMR$1,410

Market rentUsed$1,380

Est. payment standard (99%)$1,390

-Principal and interest-$724

Loan amount$114,521

Down payment$28,630

Rate6.50%

Term30 years

-Operating costs-$456

Property taxes-$143

Insurance-$175

Utilities$0

HOA$0

Management-$138

=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

+$22,310(77.9% ROI)

Projected value

$154,158

Return breakdown

Property appreciation+$11,007

Loan principal paid down+$4,103

Rental cash flow+$7,200

5-year hold

+$38,128(133.2% ROI)

Projected value

$161,962

Return breakdown

Property appreciation+$18,811

Loan principal paid down+$7,317

Rental cash flow+$12,000

10-year hold

+$81,529(284.8% ROI)

Projected value

$183,245

Return breakdown

Property appreciation+$40,094

Loan principal paid down+$17,434

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.71ratio

FMR$1,020

Market$1,430

vs market-$410

FMR is below market; voucher rent may lag private rents.

0.71

1 BR

1.16ratio

FMR$1,160

Market$1,000

vs market+$160

FMR is above market; underwrite to market rent.

1.16

2 BR

1.02ratio

FMR$1,410

Market$1,380

vs market+$30

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

1.02

3 BR

1.05ratio

FMR$1,800

Market$1,710

vs market+$90

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

1.05

4 BR

1.01ratio

FMR$1,940

Market$1,920

vs market+$20

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

1.01

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 44121 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 44121 (Cleveland, OH) is $1,410 a month. That is down 0.7% from $1,420 in FY 2026. Cleveland 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, 44121 has the 21st-highest two-bedroom rent (county range $1,000–$1,910). The median county two-bedroom FMR in Ohio is $1,048, so ZIP 44121 is 35% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 44121
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,040	$1,020	−1.9%	$918–$1,122
1BR	$1,180	$1,160	−1.7%	$1,044–$1,276
2BR	$1,420	$1,410	−0.7%	$1,269–$1,551
3BR	$1,830	$1,800	−1.6%	$1,620–$1,980
4BR	$1,950	$1,940	−0.5%	$1,746–$2,134

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 44121
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,020	$1,160	$1,410	$1,800	$1,940
FY 2026	$1,040	$1,180	$1,420	$1,830	$1,950
FY 2025	$980	$1,100	$1,340	$1,720	$1,850
FY 2024	$900	$1,010	$1,230	$1,590	$1,700
FY 2023	$800	$910	$1,110	$1,440	$1,520

Two-bedroom rent in nearby Cuyahoga County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 44121
44115	$1,630	+15.6%
44116	$1,390	−1.4%
44117	$1,060	−24.8%
44118	$1,520	+7.8%
44119	$1,170	−17.0%
44120	$1,210	−14.2%
44121Current	$1,410	—
44122	$1,850	+31.2%
44123	$1,250	−11.3%
44124	$1,470	+4.3%
44125	$1,370	−2.8%
44126	$1,200	−14.9%

Questions about ZIP 44121 rents

How much will Section 8 pay for a two-bedroom in ZIP 44121?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,410, that basic range is $1,269 to $1,551 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 44121 in?

ZIP 44121 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 44121 for FY 2027?

The two-bedroom FMR fell 0.7%, from $1,420 in FY 2026 to $1,410 in FY 2027. Since FY 2023 it has risen 27.0%.

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 Cleveland, OH fair market rent OH statewide rents What is SAFMR?Data sources