Toledo, Ohio: Still a Top Section 8 Market in 2026?

[Robert Ellis]

We’ve been continuing our market-by-market Section 8 analysis and a number of investors asked us to look at Toledo, Ohio.

So we pulled Lucas County, mapped FY2026 voucher schedules against Zillow Single-Family Home Value Index data, and ranked ZIP codes by gross voucher yield using:

(4BR Voucher × 12) ÷ Zillow Home Value

The results were strong.

Top Lucas County ZIP Codes by 4BR Voucher Yield:

1. 43608 — 31.4%
   • Home Value: ~$50,085
   • 4BR Voucher: $1,310
2. 43605 — 26.9%
   • Home Value: ~$65,118
   • 4BR Voucher: $1,460
3. 43604 — 26.3%
   • Home Value: ~$59,687
   • 4BR Voucher: $1,310
4. 43610 — 26.3%
   • Home Value: ~$62,116
   • 4BR Voucher: $1,360
5. 43609 — 24.9%
   • Home Value: ~$71,798
   • 4BR Voucher: $1,490
6. 43607 — 21.2%
   • Home Value: ~$78,662
   • 4BR Voucher: $1,390

On paper, those spreads look phenomenal.

Which is exactly why Toledo, Cleveland, Dayton, Akron, Youngstown, Canton, and many other Ohio markets continue to receive so much investor attention.

But here’s the debate we keep having internally:

Are investors overweighting Ohio because of historical reputation?

The reason we ask is because we’re now seeing multiple markets where:

• Entry prices are similar
• Housing stock is comparable
• Rent-to-price ratios are competitive

Yet voucher ceilings are exceeding $2,000–$2,500 per month for 4-bedroom properties.

That changes the equation dramatically.

A $50,000–$90,000 home with a $1,300–$1,500 voucher is a very different investment than a similarly priced home with a $2,200–$2,600 voucher.

The other challenge is that yield alone doesn’t tell the whole story.

Some of the variables we look at include:

• Housing age
• Basement vs slab construction
• Deferred maintenance exposure
• Inspection pass likelihood
• Ownership concentration
• Landlord participation
• Population trends
• Job growth
• Metro size
• Neighborhood quality
• Voucher density

A market can have a 25%+ theoretical yield and still be extremely difficult to scale.

Likewise, a market with a lower headline spread can outperform because of stronger economic fundamentals, larger employers, stronger population trends, and better housing stock.

Our current view:

Toledo still offers strong cash flow.

But when we compare it against some of the larger metros we’ve recently analyzed, it likely would not rank in our Top 5 Section 8 markets nationally.

Curious where everyone stands on this.

If you were deploying capital today into workforce housing or voucher-backed rentals, which market would you choose over Toledo and why?

Data Sources:

• FY2026 Small Area Fair Market Rents (HUD)
• Zillow Home Value Index (Single-Family Residences)
• Lucas Metropolitan Housing Area
• American Community Survey (ACS)
• U.S. Census Housing Data