Location: Wilkinson County, GA | Metro: Macon-Bibb 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 | $980 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,420 | $183,541 | 0.77% | D |
U.S. Census Bureau data (2024)
A skeptical investor considering Section 8 properties in ZIP code 31017 might raise several concerns regarding the feasibility and profitability of such investments. Let's address these objections head-on using the available data.
Objection 1: Will the Fair Market Rent (FMR) of $890 cover the mortgage on a $164,758 home?
The FMR of $890 for ZIP 31017 in fiscal year 2024 is a critical figure for landlords participating in the Section 8 program. To determine if this amount will sufficiently cover the mortgage, we must consider the typical mortgage payment for a home priced at $164,758. Assuming a 30-year fixed-rate mortgage with an interest rate of around 4%, the monthly mortgage payment, including principal and interest, would be approximately $780. This calculation does not include property taxes, insurance, and maintenance costs, which can add another $200-$300 per month depending on local tax rates and other factors. Therefore, the FMR of $890 should cover the mortgage but leaves little room for additional expenses unless the property has low tax and insurance costs.
Objection 2: Is there enough renter demand at 21.5%?
The rental vacancy rate of 21.5% suggests that there is some excess supply relative to demand in ZIP 31017. However, this percentage does not provide a complete picture of the rental market dynamics. The high vacancy rate could indicate a challenging environment for landlords, especially those relying solely on market-rate rentals. For Section 8 landlords, however, the demand is less dependent on market conditions and more on the availability of vouchers. If the local housing authority has a strong demand for Section 8 units, the vacancy rate becomes less relevant. Unfortunately, the data does not specify the number of active Section 8 vouchers or the waiting list status, so it is difficult to quantify the demand accurately for this program.
Objection 3: Will vouchers keep pace with market rents?
The question of whether vouchers will keep up with market rents is a valid concern, given that the FMR for ZIP 31017 is set at $890. However, the data provided does not include information on the trend of voucher amounts over time or any projections for future increases. Without this context, it is impossible to definitively state whether vouchers will match the growth in market rents. Landlords should monitor local housing authority announcements and trends in FMR adjustments to make informed decisions about their participation in the Section 8 program.
In conclusion, while the FMR of $890 can cover the mortgage on a $164,758 home, the high rental vacancy rate of 21.5% poses a risk that needs to be balanced against the stability of Section 8 payments. The uncertainty surrounding the future adjustment of voucher amounts adds another layer of complexity to the decision-making process for potential investors in ZIP 31017.
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.