Section 8 Fair Market Rent (FMR) for ZIP 31302 - 2027

Location: Savannah, GA | Metro: Savannah, GA MSA

Investment Score for ZIP 31302

Monthly Rent (2BR)

$1,520

Median Price (2BR)

$249,041

1% Rule

0.61%

Annual Yield

7.32%

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	$1,310
1 Bedroom	$1,380
2 Bedrooms	$1,520
3 Bedrooms	$2,020
4 Bedrooms	$2,300
5 Bedrooms	$2,668
6 Bedrooms	$2,988
7 Bedrooms	$3,227
8 Bedrooms	$3,388

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	$1,520	$249,041	0.61%	D
3BR	$2,020	$300,847	0.67%	D
4BR	$2,300	$355,475	0.65%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

8,899

Median Household Income

$68,998

Housing Units

3,218

Renter Percentage

32.4%

Occupancy Rate

95.1%

Renter Occupied

991

Bloomingdale, Georgia, located in the heart of Lowndes County, offers a stable environment for real estate investment, particularly in the realm of rental properties. The area is characterized by its modest size and close-knit community, making it an attractive location for those seeking a quieter lifestyle outside the bustle of larger urban centers.

The Fair Market Rent (FMR) for ZIP 31302 in fiscal year 2024 is set at $1,140. This figure represents the maximum rent that a household receiving housing assistance can be expected to pay, based on the local market conditions.
The market rent, as measured by the Zillow Observed Rent Index (ZORI), stands at $2,092. This indicates the average rent charged for rental properties in the area, providing a benchmark for what landlords can expect to charge.
The median home value in Bloomingdale is $334,208. This suggests that homeownership is accessible but also that there is a significant segment of the population that might prefer renting due to the cost of purchasing a home.
Renters make up 32.4% of the total housing units in the ZIP code, indicating a substantial demand for rental properties among the local population.
The median income in Bloomingdale is $68,998, which provides insight into the financial capacity of residents to afford rent or mortgage payments.

Investors looking to enter the rental market in Bloomingdale should take note of the disparity between the Fair Market Rent and the actual market rent, suggesting potential opportunities for rental pricing above government assistance levels. With a median home value of $334,208 and a renter share of 32.4%, there is a clear segment of the population that prefers or needs to rent. However, the median income of $68,998 implies that there is a limit to how high rents can go before becoming unaffordable for a significant portion of the market. Overall, Bloomingdale presents a balanced opportunity for rental investments, with steady demand and reasonable property values.

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.