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 |
ZIP code 31420 in Savannah, GA, stands out within the Savannah, GA MSA due to its specific characteristics. The Fair Market Rent (FMR) for ZIP 31420 is set at $1450 for fiscal year 2024. This figure is crucial for landlords and small-portfolio investors who aim to align their rental pricing with federal guidelines.
Comparatively, typical ZIP codes within the Savannah, GA MSA have varying FMRs, but let's use the context provided to make some inferences. Since the market rent, home value, and renter share percentages are not available for ZIP 31420, we must rely on the FMR alone. In general, the FMR tends to reflect the lower end of the market rent spectrum, indicating that ZIP 31420 could be positioned as a value pocket within the Savannah, GA MSA.
A value pocket typically means that it offers more affordable housing options compared to the broader metropolitan area. Given the FMR of $1450, landlords can expect that rental properties priced around this amount will attract a significant portion of low-income renters, especially those eligible for Section 8 housing assistance. This makes ZIP 31420 particularly attractive for investors looking to serve this demographic.
The absence of data on market rent and home values suggests that these metrics might not significantly deviate from the FMR, reinforcing the value pocket status. However, without specific market rent and home value figures, we cannot conclusively state the exact economic tier of ZIP 31420. It remains clear, though, that it is positioned towards the lower end of the rental spectrum within the Savannah, GA MSA.
In terms of the renter share percentage, the lack of data prevents us from making definitive statements about the proportion of renters in ZIP 31420 relative to other ZIP codes in the Savannah, GA MSA. Nonetheless, a high renter share with below-average home values would indeed signal a sweet spot for Section 8 investments, as it indicates a strong demand for affordable rental housing.
To summarize, ZIP 31420 appears to be a value pocket within the Savannah, GA MSA, given its FMR of $1450. This position makes it suitable for investors interested in providing affordable housing solutions, particularly for those seeking to participate in the Section 8 program.
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.