Section 8 Fair Market Rent (FMR) for ZIP 30909 - 2027

Investment Score for ZIP 30909

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	$1,190
1 Bedroom	$1,440
2 Bedrooms	$1,590
3 Bedrooms	$2,000
4 Bedrooms	$2,430
5 Bedrooms	$2,819
6 Bedrooms	$3,157
7 Bedrooms	$3,410
8 Bedrooms	$3,581

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,590	$179,468	0.89%	C
3BR	$2,000	$247,603	0.81%	C
4BR	$2,430	$324,718	0.75%	D
5BR	$2,819	$386,318	0.73%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 30909 (Augusta, GA) #### Section 8 Voucher Dynamics In ZIP code 30909, the Fair Market Rent (FMR) for a two-bedroom apartment is set at $1480 per month for 2026. This represents approximately 24.9% of the median household income in the area, which stands at $71,364. The FMR is designed to reflect the average rent that a tenant can afford based on their income level. However, the actual rents in the market can be significantly higher, leading to constraints for voucher holders. The Zillow median price for a two-bedroom home in this ZIP code is $176,948, indicating a price-to-FMR ratio of 10.0x. This means that the median home value is ten times the monthly rent for a two-bedroom unit. While this ratio is high, it reflects the overall housing market dynamics rather than the rental market specifically. For voucher holders, the key issue is whether they can find units that accept their vouchers and are priced at or below the FMR. #### Affordability & Renter Profile With a population of 46,501, ZIP code 30909 has a significant proportion of renters, accounting for 52.5% of the total households. The occupancy rate of 80.9% suggests that the housing stock is relatively well-utilized, but there could still be some underutilization or vacancy issues. Given that over half of the households are renters, the demand for rental properties is strong. However, the affordability of these rentals is a critical concern. The median household income of $71,364 indicates that residents have varying levels of financial stability. A two-bedroom apartment at the FMR of $1480 would consume nearly a quarter of the median income, leaving limited room for other expenses such as utilities, food, and transportation. This tight budget constraint makes it challenging for many renters to afford even the FMR-priced units, especially if they are relying on Section 8 vouchers. #### Investor Angle From an investor perspective, the primary question is whether the rental market in ZIP code 30909 can generate positive cash flow at the FMR levels. The FMR for a two-bedroom unit is $1480, which is the most common size for families using Section 8 vouchers. To determine if this is cash-flow positive, we need to consider the typical costs associated with owning and managing rental properties. Assuming a property value of $176,948 (the Zillow median price), a conservative mortgage rate of 5%, and annual maintenance costs of 1% of the property value, the monthly mortgage payment would be around $894, and the monthly maintenance cost would be about $147. Adding property taxes (assuming 1% of the property value) brings the monthly tax cost to roughly $147. Insurance costs can vary widely, but let's assume an average of $100 per month. Therefore, the total monthly cost for an investor would be approximately: - Mortgage: $894 - Maintenance: $147 - Taxes: $147 - Insurance: $100 - Total Monthly Cost: $1288 At an FMR of $1480, the investor would have a positive cash flow of $192 per month before considering any additional management fees or vacancies. This suggests that the rental market at FMR levels is potentially profitable for investors, particularly those who can manage costs effectively. #### Specific Actionable Insights 1. **Focus on Two-Bedroom Units**: Given that the FMR for a two-bedroom unit is $1480, and this size is most commonly sought by Section 8 voucher holders, investing in two-bedroom apartments or homes would likely yield the best returns. These units are also the most affordable relative to the median income, making them attractive to a broad range of tenants. 2. **Consider Property Value and Location**: Properties near the median price of $176,948 are likely to be more affordable for potential buyers, including investors. Additionally, properties located in areas with higher demand and lower vacancy rates will be more attractive to both tenants and investors. 3. **Negotiate with Landlords**: Since the FMR is significantly lower than the actual rents in the area, landlords might be willing to negotiate on the rent to ensure occupancy. Investors should leverage this dynamic by offering competitive rental prices that align with the FMR while still ensuring profitability. #### Bottom Line For Section 8-focused investors, ZIP code 30909 presents a mixed picture. On one hand, the strong renter population and high occupancy rate indicate robust demand for rental properties. On the other hand, the high price-to-FMR ratio suggests that finding units priced at or below the FMR could be challenging. Despite these challenges, the market appears to be cash-flow positive at FMR levels, making it a viable investment opportunity. **Recommendation**: **Buy**. The market dynamics suggest that there is a strong demand for rental properties, and with careful selection and negotiation, investors can achieve positive cash flow. However, investors should focus on properties that are priced close to the FMR and are likely to attract Section 8 voucher holders.

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.