Location: Monroe 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 | $1,050 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,470 |
| 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 |
|---|---|---|---|---|
| 3BR | $1,470 | $334,528 | 0.44% | F |
| 4BR | $1,630 | $464,397 | 0.35% | F |
U.S. Census Bureau data (2024)
A skeptical investor looking into ZIP 31046 might have several concerns regarding the feasibility of investing in rental properties through the Section 8 program. Here, we address these concerns with the available data.
Will FMR $1120 (zip FY 2024) cover the mortgage on a $319,973 home?
The Fair Market Rent (FMR) for ZIP 31046 in fiscal year 2024 is set at $1120. This amount is intended to cover the average rent for a modest home in the area. However, it does not directly account for mortgage payments, which depend on various factors including interest rates and loan terms. To accurately determine if the FMR can cover the mortgage, an investor must calculate their specific monthly mortgage payment based on the current interest rate environment. For instance, assuming a 30-year fixed-rate mortgage at a 4.5% interest rate, the monthly principal and interest payment on a $319,973 home would be approximately $1580. Given that the FMR is $1120, it is evident that the rent alone will not cover the mortgage. Additional income streams or cost-saving measures, such as reducing property taxes or lowering maintenance costs, may be necessary to achieve profitability.
Is there enough renter demand at 12.2%?
The percentage of renter-occupied housing units in ZIP 31046 stands at 12.2%. This figure suggests that the majority of homes in the area are owner-occupied, which could lead to skepticism about the availability of renters. However, even a small percentage of the total population can translate into significant demand for affordable housing, especially given the limited supply. A 12.2% rental rate indicates that there are still opportunities for landlords who can provide quality, affordable housing that meets the needs of potential tenants. It's important to note that while this percentage is relatively low, it does not necessarily reflect the overall demand for subsidized housing under the Section 8 program, which could be higher due to the specific needs of low-income households.
Will vouchers keep pace with N/A market rents?
The data provided does not include specific market rent figures for ZIP 31046, making it challenging to assess whether Section 8 vouchers will keep up with the local rental market. The FMR is a guideline used by the Department of Housing and Urban Development (HUD) to determine the maximum payment standard for Section 8 vouchers, but it does not always reflect the actual market rents. If the local market rents exceed the FMR, landlords might find themselves in a position where voucher payments do not cover the full rent. To mitigate this risk, investors should monitor local rental trends and consider areas where market rents are closer to the FMR. Additionally, landlords can apply for higher voucher amounts if they can demonstrate that the FMR is below the reasonable market rent for their property.
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.