Location: Savannah, GA | Metro: Hinesville, 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 | $1,850 |
| 1 Bedroom | $1,930 |
| 2 Bedrooms | $2,100 |
| 3 Bedrooms | $2,730 |
| 4 Bedrooms | $3,110 |
| 5 Bedrooms | $3,608 |
| 6 Bedrooms | $4,041 |
| 7 Bedrooms | $4,364 |
| 8 Bedrooms | $4,582 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,100 | $273,670 | 0.77% | D |
| 3BR | $2,730 | $333,093 | 0.82% | C |
| 4BR | $3,110 | $451,455 | 0.69% | D |
| 5BR | $3,608 | $537,849 | 0.67% | D |
U.S. Census Bureau data (2024)
The Section 8 program in ZIP code 31324, which covers Richmond Hill, GA, presents a significant opportunity for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area, set at $2020 for fiscal year 2024, stands notably lower than the actual market rent, measured at $2098 through ZORI (Zillow Observed Rent Index). This creates a gap of $78, representing a 38.6% difference between the two figures.
Given that the FMR is less than the market rent, landlords should be aware of the financial implications when accepting housing vouchers. While vouchers ensure consistent and reliable rent payments, the lower rate of $2020 compared to the market rent of $2098 means a reduction in potential revenue. For instance, if you were renting a unit at market rates, you would earn $78 more per month than what the Section 8 program offers.
In the context of Richmond Hill, GA, where 22.2% of residents are renters, and the median home value is $423,200, the median income of $122,378 suggests that many renters might find it challenging to afford market rents without assistance. Therefore, landlords who accept Section 8 vouchers can secure a steady stream of tenants, albeit at a slightly reduced rental rate.
To summarize, while the FMR is significantly below the market rent, the decision to participate in the Section 8 program should be weighed against the benefits of guaranteed occupancy and the challenges of finding suitable tenants willing to pay market rates in an area where incomes and rental demand are moderate.
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.