Location: White County, GA | Metro: Lumpkin County, 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 | $1,060 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,250 | $156,757 | 0.8% | D |
| 2BR | $1,370 | $276,886 | 0.49% | F |
| 3BR | $1,660 | $357,496 | 0.46% | F |
| 4BR | $1,920 | $469,904 | 0.41% | F |
| 5BR | $2,227 | $569,402 | 0.39% | F |
U.S. Census Bureau data (2024)
The Section 8 thesis for ZIP code 30528, located in Cleveland, GA, is built around the significant disparity between the Fair Market Rent (FMR) and the actual market rent. The FMR for the area, as set for fiscal year 2024, stands at $1390. In contrast, the Census ACS data reveals that the average market rent is $1035. This means there is a gap of $355 between the two figures, representing an increase of approximately 34.3% over the market rent.
This gap makes ZIP 30528 a prime location for landlords and small-portfolio investors interested in voucher tenants. Despite the fact that only 22.4% of the population in Cleveland, GA are renters, the potential for higher rental income through Section 8 vouchers is substantial. For instance, a landlord can expect to receive $1390 per month, which is significantly above the average market rent, thereby enhancing their rental yield.
However, it's important to consider the implications of renting to voucher tenants at rates below the open-market level. With a median home value of $319,486 and a median income of $70,873, the local economy suggests that many residents might be able to afford higher rents. Thus, landlords who accept Section 8 vouchers at the higher FMR rate are effectively foregoing the opportunity to potentially charge more to non-voucher tenants, who could pay closer to the market rate of $1035.
In conclusion, while the higher FMR rate offers a yield advantage for landlords participating in the Section 8 program, they must weigh this against the possibility of renting to tenants willing to pay market rates. The decision should be informed by understanding the local rental market dynamics and the financial needs of the property owner.
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.