Location: Macon-Bibb County, GA | Metro: Macon-Bibb County, GA HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
To decide whether to invest in ZIP 31217 (Macon, GA) for Section 8 properties, follow these steps:
Step 1: Debt Service Coverage Ratio (DSCR)
The Fair Market Rent (FMR) for ZIP 31217 in fiscal year 2024 is $1040. For a property valued at $96,547, calculate if this FMR can cover the debt service.
If the monthly debt service on a property is less than or equal to $1040, then the answer is Yes. This means that the FMR can support the financial obligations of owning the property.
If the monthly debt service exceeds $1040, the answer is No. The rent from a Section 8 tenant would not be sufficient to cover the mortgage and other expenses.
Step 2: Compare ZORI to FMR
The ZIP OnRent Index (ZORI), which represents the average market rent, is $1214. This is higher than the FMR of $1040.
If the landlord is willing to accept a rent lower than the market rate, they should proceed to Step 3.
If the landlord is not willing to accept a rent lower than the market rate, the answer is No. They will not find it financially viable to participate in the Section 8 program given the higher market rents.
Step 3: Evaluate Rental Demand
In ZIP 31217, 34.7% of the population are renters. However, the Days on Market (DOM) data is not available, which is critical for assessing how quickly rental units are filled.
If the 34.7% renter rate is considered high enough to ensure demand without needing DOM data, the answer is It Depends. High renter rates suggest a strong rental market, but the lack of DOM data makes it difficult to predict how long it might take to fill a unit.
If the landlord requires DOM data to make a final decision, the answer is also It Depends. Without this information, they cannot fully assess the speed at which their units would be rented out, even though the renter percentage indicates a significant demand.
Ultimately, the decision to purchase a property in ZIP 31217 for Section 8 tenants hinges on the landlord's willingness to accept a lower rent compared to the market rate and their comfort level with the available data on rental demand.
Data Sources: FMR data from HUD (2027). 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.