Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,108$13,296 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Lima, OH
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Lima, OH
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $839 | $10,068 | $33,560 | $16.13/hr |
| 1-Bedroom Apartment | $844 | $10,128 | $33,760 | $16.23/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,108 | $13,296 | $44,320 | $21.31/hr |
| 3-Bedroom Home | $1,338 | $16,056 | $53,520 | $25.73/hr |
| 4-Bedroom Home | $1,493 | $17,916 | $59,720 | $28.71/hr |
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Frequently Asked Questions About Rent in Lima, OH
What is the Fair Market Rent for a 2-bedroom in Lima, OH?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Lima, OH is $1,108 per month ($13,296 per year).
What hourly wage is needed to afford rent in Lima, OH?
To comfortably afford a 2-bedroom apartment at $1,108/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $21.31 per hour ($44,320/year).
What are the HUD Fair Market Rents by bedroom count in Lima, OH?
Official 2026 HUD rents in Lima, OH are: Studio: $839/mo, 1-Bedroom: $844/mo, 2-Bedroom: $1,108/mo, 3-Bedroom: $1,338/mo, and 4-Bedroom: $1,493/mo.
How do HUD Fair Market Rents compare to local incomes in Lima, OH?
At the local Census ACS median household income of $46,240/year ($3,853/month), the benchmark 2-bedroom Fair Market Rent represents 28.8% of monthly income.
How is the 30% housing affordability standard calculated in Lima, OH?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,108/month, the required minimum annual gross income is calculated as ($1,108 × 12) ÷ 0.30 = $44,320 per year.