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 | $1,770 |
| 1 Bedroom | $1,850 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,620 |
| 4 Bedrooms | $2,970 |
| 5 Bedrooms | $3,445 |
| 6 Bedrooms | $3,858 |
| 7 Bedrooms | $4,167 |
| 8 Bedrooms | $4,375 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,850 | $413,572 | 0.45% | F |
| 2BR | $2,010 | $495,167 | 0.41% | F |
| 3BR | $2,620 | $585,546 | 0.45% | F |
| 4BR | $2,970 | $739,325 | 0.4% | F |
| 5BR | $3,445 | $1,760,261 | 0.2% | F |
U.S. Census Bureau data (2024)
The ZIP code 31401, located in Savannah, GA, presents an interesting profile when compared to typical ZIP codes within the Savannah, GA MSA. The Fair Market Rent (FMR) for 31401 in fiscal year 2024 is set at $1,500. This figure represents the maximum amount that a household receiving federal rental assistance can be charged for housing.
In contrast, the market rent for 31401 stands at $2,167, indicating that without government assistance, renters pay significantly more than the FMR. This gap between FMR and market rent suggests that 31401 could be considered a mid-tier neighborhood within the metro area, where properties are priced above the subsidized rates but still below the premium range.
The median home value in 31401 is $566,585. This is notably higher than the average home value in many other ZIP codes across the Savannah, GA MSA, positioning it closer to a premium sub-market. However, the renter share in 31401 is quite high at 64.3%, which is indicative of a strong demand for rental properties in this area.
A high renter share combined with below-metro home values often signals a potential sweet spot for Section 8 investments. In the case of 31401, the divergence between the high renter share and the relatively high home values suggests that while there is significant rental demand, the overall property values reflect a more affluent demographic. This implies that while 31401 may not fit the exact profile of a Section 8 sweet spot due to its higher home values, it remains a valuable consideration for investors interested in a mix of rental income and potentially stable property values.
Landlords and small-portfolio investors should take note of the pricing dynamics in 31401. While the FMR is lower than the market rent, the high renter share indicates a robust market for rental units. Additionally, the higher home values suggest that the area is well-regarded and may offer long-term stability and appreciation potential for those looking to invest in both rental and homeownership opportunities.
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.