Location: Atlanta-Sandy Springs-Roswell, GA | Metro: Atlanta-Sandy Springs-Roswell, GA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,850 |
| 1 Bedroom | $1,930 |
| 2 Bedrooms | $2,100 |
| 3 Bedrooms | $2,500 |
| 4 Bedrooms | $2,970 |
| 5 Bedrooms | $3,445 |
| 6 Bedrooms | $3,858 |
| 7 Bedrooms | $4,167 |
| 8 Bedrooms | $4,375 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,100 | $365,917 | 0.57% | F |
| 3BR | $2,500 | $446,752 | 0.56% | F |
| 4BR | $2,970 | $594,947 | 0.5% | F |
| 5BR | $3,445 | $746,959 | 0.46% | F |
U.S. Census Bureau data (2024)
Cumming, Georgia, specifically the 30040 ZIP code, is a high-growth suburb north of Atlanta characterized by its blend of established neighborhoods and new construction, often appealing to families seeking space and top-tier education. Forsyth County schools consistently rank among the best in Georgia, which acts as a major magnet for long-term residents. The local economy benefits from the presence of major employers like the Halcyon mixed-use development and the nearby Forsyth County Medical Center, which provide stable employment bases and contribute to the area’s reputation as a desirable, affluent community.
Financially, 30040 presents a challenging gap between subsidy levels and market reality. The FY2024 HUD SAFMR for a two-bedroom unit is $2,150, while current Zillow market rents sit at $2,291, leaving a shortfall of $141 if you rely solely on the voucher ceiling. Median home values are substantial at $597,342, with a median sale price for two-bedroom properties at $369,074. Properties are moving at a moderate pace, sitting on the market for a median of 61 days. Based on these figures, voucher tenants do not strictly cash-flow at the top end of the market without rent concessions or covering the difference out of pocket.
Demand is underpinned by an affluent demographic, with a median household income of $137,211, yet the renter share remains relatively low at 15.9%. This indicates a market dominated by homeownership, suggesting that rental supply is constrained compared to owner-occupied inventory. With high-income earners and excellent school districts, the tenant pool generally consists of working professionals and families. However, for Section 8 investors, this means competition for quality units is high, and the low density of renters requires precise marketing to find voucher holders in an ownership-heavy environment.
The strongest investor angle here is appreciation and stability rather than immediate cash-flow arbitrage. The significant gap between the median home value and the 2BR sale price ($369,074) suggests equity potential, particularly as the Atlanta metro expands northward. While the HUD FMR lags slightly behind market rents, the area’s high income and school ratings ensure property values remain resilient. Investors should view 30040 as a defensive play for long-term capital preservation rather than a high-yield cash flow market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.