Location: Augusta-Richmond County, GA | Metro: Augusta-Richmond County, GA-SC 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 | $950 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,600 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,150 | $76,989 | 1.49% | A |
| 2BR | $1,270 | $121,151 | 1.05% | B |
| 3BR | $1,600 | $179,865 | 0.89% | C |
| 4BR | $1,940 | $286,528 | 0.68% | D |
| 5BR | $2,250 | $616,590 | 0.36% | F |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors targeting ZIP code 30904 in Augusta, Georgia reveals a favorable environment for cashflow. The HUD Fair Market Rent (FMR) for FY 2024 is set at $1,070, while the market rent, as indicated by ZORI (Zillow Observed Rent Index), stands at $1,433. This means that voucher tenants will cashflow at the FMR rate, providing a positive net income for landlords without the need for premium units.
To further understand the investment potential, consider the median home value in the area, which is $161,335. Using this figure, we can calculate the rent-to-price ratio. At $1,433 per month, the annual rent is $17,196, resulting in a rent-to-price ratio of approximately 10.66%. This ratio indicates that rental properties are relatively affordable compared to the median home value, making them attractive for both investors and buyers.
The market dynamics also support this analysis. With a median Days on Market (DOM) of 40 days and a price-cut share of just 0.2%, it's evident that the rental market is robust and competitive, with little indication of significant price adjustments. These factors suggest that the rental market is stable and likely to remain so, even in the face of economic fluctuations.
In conclusion, the strongest investor angle in ZIP 30904 is cashflow. The difference between the HUD FMR and the market rent ensures that landlords can maintain a steady positive cashflow without needing to invest in higher-end units. Additionally, the strong rent-to-price ratio and stable market conditions provide a solid foundation for long-term investment success.
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.