Section 8 Fair Market Rent (FMR) for ZIP 29809 - 2027

Investment Score for ZIP 29809

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

A skeptical investor looking at ZIP 29809 might have several concerns regarding the feasibility of investing in rental properties through the Section 8 program. Let's break down these objections using the available data.

• Will FMR $920 (zip FY 2024) cover the mortgage on a $128,770 home? The Fair Market Rent (FMR) for ZIP 29809 is set at $920 per month for fiscal year 2024. To determine if this will sufficiently cover the mortgage, we need to consider the average interest rate and typical mortgage terms. Assuming a 30-year fixed-rate mortgage at an average interest rate of 4.5%, the monthly payment on a $128,770 home would be approximately $638. This means that the FMR of $920 is more than sufficient to cover the mortgage payment, leaving $282 per month for other expenses such as property taxes, insurance, and maintenance.
• Is there enough renter demand at 29.1%? The percentage of households renting in ZIP 29809 stands at 29.1%. While this figure is lower than some areas, it still represents a significant portion of the population. Moreover, the rental vacancy rate is a critical metric to assess demand. If the vacancy rate is low, it indicates strong demand. Unfortunately, the data provided does not include the vacancy rate. However, with a rental rate of 29.1%, there is a notable segment of the market that could benefit from Section 8 housing. Landlords should also consider the broader economic context and the potential for increased demand due to factors such as job growth or demographic shifts.
• Will vouchers keep pace with $712 market rents? The FMR of $920 is higher than the market rent of $712, which suggests that vouchers are likely to keep pace with the actual costs. The Section 8 program aims to ensure that rents are affordable while also covering the landlord's costs. With the FMR exceeding the market rent, landlords can expect that voucher holders will be able to pay the required amount without significant difficulty. However, it's important to note that the voucher amount may not always cover the full rent, and landlords must verify the specifics of individual vouchers.

In summary, the FMR in ZIP 29809 is adequate to cover mortgage payments and provide a buffer for other expenses. There is a considerable demand for rentals, though the exact level of competition among landlords is unclear without the vacancy rate. Lastly, vouchers are expected to align well with market rents, ensuring that landlords receive fair compensation for their properties.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.