Section 8 Fair Market Rent (FMR) for ZIP 30815 - 2027

Investment Score for ZIP 30815

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

Unit Size	Monthly FMR
Studio	$1,070
1 Bedroom	$1,280
2 Bedrooms	$1,420
3 Bedrooms	$1,790
4 Bedrooms	$2,170
5 Bedrooms	$2,517
6 Bedrooms	$2,819
7 Bedrooms	$3,045
8 Bedrooms	$3,197

Investment Analysis by Bedroom Size

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

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,420	$136,427	1.04%	B
3BR	$1,790	$196,600	0.91%	C
4BR	$2,170	$281,248	0.77%	D
5BR	$2,517	$369,932	0.68%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 30815 (Hephzibah, GA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 30815 in 2026 indicate that the rent for a two-bedroom unit is set at $1370. This figure represents 23.4% of the median household income in Hephzibah, which stands at $70,202. However, the actual rental market in Hephzibah is significantly higher, with a price-to-FMR ratio of 8.4x. This means that the median price for a two-bedroom home on Zillow is approximately $138,622, translating to a monthly rental cost of around $11,552 based on the price-to-FMR ratio. Given these dynamics, it is clear that the FMR is substantially lower than what the market demands. For voucher holders, this creates significant constraints. They can only afford units priced at or below the FMR, which makes finding suitable housing difficult due to the high demand and limited supply of affordable units. The disparity between FMR and actual rents suggests that landlords who participate in the Section 8 program will have to accept lower rental rates compared to the market average, potentially impacting their profitability. #### Affordability & Renter Profile In Hephzibah, 28.4% of households are renters, indicating a moderate rental market presence. With an occupancy rate of 89.6%, the market is relatively tight, suggesting that there is a strong demand for rental properties. Given the median household income of $70,202, the FMR for a two-bedroom unit at $1370 is indeed affordable for many residents. However, the actual market rents are much higher, making it challenging for low-income families to find affordable housing without assistance. The tight market conditions imply that there is a potential shortage of affordable units, which could be exacerbated by the high price-to-FMR ratio. This situation likely leads to competition among renters for the limited number of affordable units, creating a challenging environment for both renters and landlords. The high demand and limited supply suggest that the rental market is competitive, but not oversupplied. #### Investor Angle From an investor’s perspective, the ZIP code 30815 presents a mixed picture. The FMR for a two-bedroom unit is $1370, which is significantly lower than the market rent. However, if an investor aims to cater specifically to Section 8 voucher holders, they would need to consider the lower FMR rates. To determine whether this ZIP code is cash-flow positive at FMR, we must look at the typical operating costs and property values. Given the median price for a two-bedroom home on Zillow is $138,622, the annual mortgage payment (assuming a 30-year fixed-rate mortgage at 4%) would be approximately $6,500 per year, or $542 per month. Adding typical operating costs such as property taxes, insurance, maintenance, and utilities, the total monthly expenses might range from $700 to $900. At the FMR of $1370, the net cash flow would be positive, ranging from $470 to $670 per month. This indicates that investing in properties for Section 8 tenants can be financially viable, though the margins are tighter compared to market-rate rentals. The investment grade for this ZIP code would be considered moderate. While the rental market is tight and there is a demand for affordable housing, the high price-to-FMR ratio suggests that there are fewer opportunities for profit compared to areas where the FMR aligns more closely with market rents. Investors should also be aware of the administrative requirements and potential delays associated with the Section 8 program. #### Specific Actionable Insights 1. **Focus on Affordable Units**: Investors should focus on acquiring properties that are already priced at or below the FMR levels. This ensures that they can attract Section 8 tenants without needing to significantly reduce their asking price. For example, a two-bedroom unit priced at $1370 would be ideal for attracting voucher holders. 2. **Consider Multi-Family Properties**: Given the high price-to-FMR ratio, multi-family properties may offer better returns. A property with multiple units can spread the fixed costs over several rental incomes, improving overall cash flow. Additionally, multi-family properties often have higher occupancy rates, which can help mitigate risks associated with tenant turnover. 3. **Engage with Local Housing Authorities**: Building relationships with local housing authorities can provide insights into the availability of vouchers and the preferences of voucher holders. This can help investors tailor their offerings to meet the needs of Section 8 tenants, increasing the likelihood of successful tenancies. #### Bottom Line For Section 8-focused investors, ZIP code 30815 offers a moderate investment opportunity. The market is tight, with a strong demand for affordable housing, but the high price-to-FMR ratio limits the profit potential. The recommendation is to **buy** properties that are already priced at or below FMR levels and to consider multi-family investments to optimize cash flow. Engaging with local housing authorities can also enhance the chances of success in this market. Overall, while there are challenges, the demand for affordable housing and the positive cash flow at FMR levels make this ZIP code worth considering for investors willing to navigate the complexities of the Section 8 program.

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.