Location: Savannah, GA | Metro: Savannah, GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,500 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,210 |
| 4 Bedrooms | $2,510 |
| 5 Bedrooms | $2,912 |
| 6 Bedrooms | $3,261 |
| 7 Bedrooms | $3,522 |
| 8 Bedrooms | $3,698 |
The ZIP code 31414 in Savannah, Georgia, presents a unique scenario for real estate investors interested in Section 8 housing. The lack of specific data points regarding the number of residents, percentage of renters, median income, and median home value highlights a gap in detailed local economic analysis. However, the key figure for investors to focus on is the Fair Market Rent (FMR) set at $1450 for the fiscal year 2024.
Despite the absence of precise market rent data, the FMR serves as a benchmark for rental rates under the Section 8 program. This amount represents the maximum allowable rent for a unit based on size and location, ensuring that landlords receive fair compensation while keeping rents affordable for low-income tenants. Given the current FMR, landlords can adjust their rental pricing to align with these guidelines, optimizing their investment returns within the parameters of the Section 8 program.
The data signature for ZIP 31414 is best described as transitional. With incomplete data on resident demographics and economic indicators, it's challenging to assess long-term stability. However, the presence of Section 8 vouchers indicates a need for affordable housing, which is often a sign of a changing neighborhood dynamic. As such, investors should be prepared for potential shifts in the local market and consider the benefits of long-term investments in affordable housing.
Data Sources: FMR data from HUD (2027).
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.