Location: Savannah, GA | Metro: Savannah, GA MSA
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 | $1,560 |
| 1 Bedroom | $1,630 |
| 2 Bedrooms | $1,770 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,620 |
| 5 Bedrooms | $3,039 |
| 6 Bedrooms | $3,404 |
| 7 Bedrooms | $3,676 |
| 8 Bedrooms | $3,860 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,300 | $311,303 | 0.74% | D |
| 4BR | $2,620 | $377,979 | 0.69% | D |
| 5BR | $3,039 | $452,744 | 0.67% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 31312 are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code is set at $1400 per month for fiscal year 2024. This figure is crucial because it defines the maximum amount that the housing authority will pay towards a tenant's rent under the Section 8 program. However, the local market rent, measured by ZORI (Zillow Observed Rent Index), stands at $2,108 for the same type of unit.
A landlord participating in the Section 8 program should understand that the total rent received is composed of two parts: the tenant contribution and the housing authority subsidy. For a two-bedroom apartment, the tenant is expected to contribute 30% of their adjusted income towards the rent. If we assume an average adjusted income of $1,000 per month, the tenant would contribute approximately $300 towards the rent.
The housing authority then pays the difference between the SAFMR and the tenant's contribution, up to the SAFMR limit. In this case, the housing authority would cover the remaining $1100 ($1400 - $300). Additionally, landlords receive utility allowances which can vary but are typically around $200-$300 per month. Assuming a $250 utility allowance, the total reimbursement from the housing authority would be $1350 ($1100 + $250).
This means that if a landlord rents out a two-bedroom apartment for the market rate of $2,108, they would face a reimbursement gap of $758 per month ($2,108 - $1350). Conversely, if the landlord sets the rent at the SAFMR level of $1400, they would still receive the full $1400 even if the market rate is higher, thus closing the gap.
In summary, the typical reimbursement gap for a two-bedroom apartment in ZIP 31312 is $758 per month when setting the rent at the local market rate of $2,108. Landlords must decide whether to accept a lower rental rate closer to the SAFMR or risk leaving a significant portion of the rent unpaid due to the voucher limitations.
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.