Section 8 Fair Market Rent (FMR) for ZIP 29547 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

A skeptical investor analyzing ZIP code 29547 might raise several concerns regarding the feasibility of investing in properties here. Let's address these objections head-on using the available data.

• Will FMR $940 (metro FY 2026) cover the mortgage on an $83,266 home? The Fair Market Rent (FMR) of $940 per month for ZIP 29547 suggests that rental income can be sufficient to cover mortgage payments, but it depends on the interest rate and term of the loan. Assuming a conventional 30-year fixed-rate mortgage at an average rate of 5%, the monthly payment on an $83,266 home would be approximately $440. This means the FMR comfortably covers the mortgage, leaving room for maintenance and other costs.
• Is there enough renter demand at 32.6%? With a renter occupancy rate of 32.6%, it indicates that nearly one-third of the housing units are rented. However, this percentage alone does not provide a complete picture of demand. To fully assess demand, we need to consider the vacancy rate and the trend of rental growth in the area. Unfortunately, the data provided does not include these metrics, so we cannot definitively conclude if the demand is robust based solely on the 32.6% figure.
• Will vouchers keep pace with $841 market rents? The Housing Choice Voucher program aims to ensure that families pay no more than 30% of their adjusted income toward rent. In ZIP 29547, where market rents are $841, voucher holders should theoretically be able to afford homes at this price point. However, the success of this depends on the local administration's ability to secure funding and adjust voucher amounts accordingly. Without specific information on voucher trends in 29547, we cannot guarantee that vouchers will always cover the full $841 market rent.

The data reveals that while the FMR provides a solid foundation for covering mortgage expenses, the overall investment viability in ZIP 29547 requires further investigation into additional factors such as the vacancy rate and the historical performance of rental growth. Similarly, the sustainability of voucher programs must be assessed beyond the given figures to understand their long-term impact on rental markets.

Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.