Location: Lamar County, GA | Metro: Butts 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 | $1,060 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,150 | $177,645 | 0.65% | D |
| 3BR | $1,370 | $302,392 | 0.45% | F |
| 4BR | $1,630 | $479,802 | 0.34% | F |
| 5BR | $1,891 | $541,672 | 0.35% | F |
U.S. Census Bureau data (2024)
ZIP code 31029, located in Forsyth, Georgia, falls within the Lamar County, GA metro area. To understand its position relative to other ZIP codes in the county, we must analyze several key metrics: Fair Market Rent (FMR), market rent, home values, and the percentage of renters.
The FMR for ZIP 31029 in fiscal year 2024 is set at $1,040. This figure is higher than the average market rent of $939, indicating that government-set rents are slightly above what the private market offers. The median home value stands at $322,209, which suggests that homeownership is relatively expensive compared to the rest of the county.
A significant portion of the population in ZIP 31029 are renters, with 21.4% of residents renting their homes. This is notably higher than the national average but aligns with the trend of increasing rental demand in many areas. Given the higher FMR compared to market rent, combined with a substantial renter share, ZIP 31029 appears to be a favorable location for landlords participating in the Section 8 program.
To determine if 31029 is a value pocket, mid-tier neighborhood, or a premium sub-market within its metro, we can make some inferences based on the provided figures. The fact that the FMR exceeds the market rent while the home values are relatively high indicates that 31029 is likely a mid-tier neighborhood. Landlords here could benefit from the higher FMR without facing the highest property costs in the area, making it a balanced option for those interested in the Section 8 program.
However, the divergence between the high renter share and the below-metro average home values is worth noting. This combination can signal a potential sweet spot for Section 8 properties, as there is a strong demand for affordable housing from renters who might not be able to afford homeownership in this price range.
In summary, ZIP 31029 is positioned as a mid-tier neighborhood within the Lamar County, GA metro area. It offers a good balance for landlords interested in the Section 8 program due to its higher FMR and substantial renter share. While home values are relatively high, they do not reach the premium levels seen in other parts of the county, suggesting a valuable opportunity for those looking to invest in affordable housing options.
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.