Location: Ware County, GA | Metro: Brunswick-St. Simons, 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 | $940 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,170 | $71,283 | 1.64% | A+ |
| 3BR | $1,400 | $193,694 | 0.72% | D |
| 4BR | $1,720 | $272,029 | 0.63% | D |
U.S. Census Bureau data (2024)
The classification of ZIP 31503 in Waycross, GA, reveals a market that falls into the category of moderate yield with low stability. This assessment is driven by specific figures from the data provided.
The Federal Market Rent (FMR) for FY 2024 in ZIP 31503 is set at $910, while the market rent is estimated at $820. Given a median home value of $159,653, these rental rates suggest a moderate yield potential. A landlord can expect a rental income of approximately $9,840 annually based on the FMR, or slightly less at $9,840 if relying on market rates. The discrepancy between the FMR and market rates indicates that landlords might face challenges in fully realizing the higher FMR due to market conditions.
Stability in the area is notably low, influenced by several factors. Only 30.2% of residents are renters, which is a relatively low percentage, indicating a smaller pool of potential tenants. Additionally, the median household income of $55,895 suggests that the financial capacity of residents to sustain long-term leases is limited. The lack of data on days on market (DOM) further complicates the stability assessment, as it is a key indicator of how quickly properties can be leased or sold.
In conclusion, ZIP 31503 presents a scenario where landlords can anticipate a moderate level of cash flow but must prepare for a lower degree of tenant stability and potentially higher vacancy rates. This makes it neither a high-yield/low-stability flip-style market nor a steady-cashflow zone, but rather a market that requires careful management and possibly a strategy focused on attracting longer-term tenants who can afford the rents.
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.