Hamilton County/Cincinnati/45240

45240

ZIPSAFMR

Hamilton County, OH

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ZIP Investment Score

139High yield potential

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,200	$1,310	9.3%
1 BR	$1,290	$1,280	7.1%
2 BR	$1,650	$1,670	6.7%
3 BR	$2,170	$1,870	6.2%
4 BR	$2,450	$2,330	6.8%
5 BR	$2,818	Not available	6.8%
6 BR	$3,240	Not available	6.8%
7 BR	$3,726	Not available	6.8%
8 BR	$4,285	Not available	6.8%

Purchase Price Calculator

Maximum purchase price

$186,245

Cost breakdown

+Likely effective rent$1,670

HUD FMR$1,650

Market rent$1,680

Est. payment standard (101%)Used$1,670

-Principal and interest-$942

Loan amount$148,996

Down payment$37,249

Rate6.50%

Term30 years

-Operating costs-$528

Property taxes-$186

Insurance-$175

Utilities$0

HOA$0

Management-$167

=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

+$26,859(72.1% ROI)

Projected value

$200,565

Return breakdown

Property appreciation+$14,320

Loan principal paid down+$5,338

Rental cash flow+$7,200

5-year hold

+$45,993(123.5% ROI)

Projected value

$210,719

Return breakdown

Property appreciation+$24,474

Loan principal paid down+$9,519

Rental cash flow+$12,000

10-year hold

+$98,847(265.4% ROI)

Projected value

$238,409

Return breakdown

Property appreciation+$52,164

Loan principal paid down+$22,683

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.88ratio

FMR$1,200

Market$1,370

vs market-$170

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

0.88

1 BR

1.01ratio

FMR$1,290

Market$1,280

vs market+$10

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

1.01

2 BR

0.98ratio

FMR$1,650

Market$1,680

vs market-$30

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

0.98

3 BR

1.16ratio

FMR$2,170

Market$1,870

vs market+$300

FMR is above market; underwrite to market rent.

1.16

4 BR

1.05ratio

FMR$2,450

Market$2,330

vs market+$120

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

1.05

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 45240 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 45240 (Cincinnati, OH) is $1,650 a month. That is up 7.8% from $1,530 in FY 2026. Cincinnati is in the Cincinnati, OH-KY-IN HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 68 ZIP codes in Hamilton County, 45240 has the 15th-highest two-bedroom rent (county range $1,040–$2,160). The median county two-bedroom FMR in Ohio is $1,048, so ZIP 45240 is 57% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 45240
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,080	$1,200	+11.1%	$1,080–$1,320
1BR	$1,190	$1,290	+8.4%	$1,161–$1,419
2BR	$1,530	$1,650	+7.8%	$1,485–$1,815
3BR	$2,020	$2,170	+7.4%	$1,953–$2,387
4BR	$2,230	$2,450	+9.9%	$2,205–$2,695

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 45240
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,200	$1,290	$1,650	$2,170	$2,450
FY 2026	$1,080	$1,190	$1,530	$2,020	$2,230
FY 2025	$1,020	$1,140	$1,480	$1,960	$2,170
FY 2024	$920	$1,050	$1,360	$1,810	$2,010
FY 2023	$830	$950	$1,240	$1,660	$1,870

Two-bedroom rent in nearby Hamilton County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 45240
45234	$1,400	−15.2%
45235	$1,400	−15.2%
45236	$1,540	−6.7%
45237	$1,200	−27.3%
45238	$1,280	−22.4%
45239	$1,310	−20.6%
45240Current	$1,650	—
45241	$1,540	−6.7%
45242	$2,160	+30.9%
45243	$2,160	+30.9%
45244	$1,470	−10.9%
45246	$1,660	+0.6%

Questions about ZIP 45240 rents

How much will Section 8 pay for a two-bedroom in ZIP 45240?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,650, that basic range is $1,485 to $1,815 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 45240 in?

ZIP 45240 is in the Cincinnati, OH-KY-IN 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 45240 for FY 2027?

The two-bedroom FMR rose 7.8%, from $1,530 in FY 2026 to $1,650 in FY 2027. Since FY 2023 it has risen 33.1%.

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