Section 8 Fair Market Rent (FMR) for ZIP 31419 - 2027

Investment Score for ZIP 31419

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	$1,560
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

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
1BR	$1,630	$151,552	1.08%	B
2BR	$1,770	$217,865	0.81%	C
3BR	$2,300	$292,442	0.79%	D
4BR	$2,620	$367,311	0.71%	D
5BR	$3,039	$445,173	0.68%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 31419 (Savannah, GA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 31419 is set by HUD for 2026. For a two-bedroom unit, the FMR is $1800 per month. This amount represents 31.0% of the median household income of $69,635, indicating that it is a significant portion of what the average resident can afford. However, the actual rental market price for a two-bedroom unit is significantly higher. According to Zillow, the median price for a two-bedroom rental property is $219,598, which translates to a monthly rent of approximately $1830 when considering a typical mortgage payment. This suggests that the actual rental market price is slightly above the FMR, but the disparity is minimal. Despite this, the price-to-FMR ratio of 10.2x indicates that the purchase price of rental properties is much higher than the FMR. This means that even though the rental rates might be close to the FMR, the cost of acquiring these properties is substantially greater. The constraints for voucher holders include finding landlords willing to accept Section 8 vouchers, as the higher purchase price might make it less attractive for investors who rely solely on FMR to cover their costs. #### Affordability & Renter Profile ZIP code 31419 has a population of 57,077, with 43.8% of residents being renters. This high percentage of renters suggests a robust demand for rental housing. The occupancy rate of 90.3% further supports this conclusion, indicating that the majority of available units are occupied. Given the median household income of $69,635, the FMR of $1800 for a two-bedroom unit is a reasonable estimate of what a substantial portion of the population can afford. However, the actual rental market price of around $1830 per month for a two-bedroom unit is slightly higher, which could create some affordability challenges for lower-income households. The tight market conditions imply that there is limited excess supply, making it difficult for renters to find affordable options outside of the FMR range. This situation could lead to increased competition among renters, potentially driving up rental prices further. For those relying on Section 8 vouchers, the challenge will be to find landlords who are willing to accept them, especially given the higher purchase prices of properties in the area. #### Investor Angle From an investor perspective, the ZIP code 31419 presents a mixed picture. While the actual rental market price for a two-bedroom unit is only slightly above the FMR, the purchase price is significantly higher. The Zillow median price for a two-bedroom rental property is $219,598, which translates to a monthly mortgage payment of about $1830, assuming a 30-year fixed-rate mortgage at a current average interest rate of 6%. This means that the monthly rent would need to cover both the mortgage payment and other expenses such as maintenance, insurance, and property taxes. Given the occupancy rate of 90.3%, there is a strong likelihood that rental units will remain occupied, reducing the risk of vacancy. However, the price-to-FMR ratio of 10.2x suggests that the purchase price is not aligned with the rental income potential based on FMR alone. To achieve cash flow positivity, investors would need to either increase the rent beyond the FMR or find ways to reduce their overall expenses. #### Specific Actionable Insights 1. **Focus on Properties Below Median Price**: Investors should consider purchasing properties below the median price of $219,598 to ensure they can achieve cash flow positivity. For example, a property purchased for $180,000 would have a monthly mortgage payment of approximately $1080, leaving room for profit even if rented at the FMR of $1800. 2. **Negotiate with Landlords**: Given the high percentage of renters and tight market conditions, landlords may be more willing to negotiate on rent prices. Investors could explore strategies to offer slightly below-market rents while still maintaining profitability, thereby attracting more Section 8 voucher holders. 3. **Utilize Government Programs**: Investors should look into government programs that provide additional subsidies or incentives for accepting Section 8 vouchers. These programs can help offset the higher purchase price and make the investment more financially viable. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 31419 is to **Hold**. The high purchase prices relative to the FMR suggest that achieving cash flow positivity will be challenging without additional subsidies or strategic pricing. However, the strong demand for rental housing and high occupancy rates indicate that the market is stable and likely to remain so. Investors should carefully evaluate their ability to manage costs and negotiate with tenants before making any purchases.

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.