Location: Wayne County, GA | Metro: Appling County, GA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,060 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,740 |
| 4 Bedrooms | $2,240 |
| 5 Bedrooms | $2,598 |
| 6 Bedrooms | $2,910 |
| 7 Bedrooms | $3,143 |
| 8 Bedrooms | $3,300 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 31555 centers around the disparity between the Fair Market Rent (FMR) set at $1,360 for the fiscal year 2026 and the actual market rent, which stands at $1,151 according to the latest Census ACS data. This gap amounts to $209, representing a difference of approximately 18.2% between the FMR and the market rate.
In this scenario, where the FMR exceeds the market rent, landlords and small-portfolio investors can leverage the higher subsidy payments to achieve a yield play. The FMR is the maximum amount that the government will pay for rental assistance in a given area, and it being above the current market rent means that landlords can secure steady, reliable income from voucher holders without the risk of renting below their desired rates. This makes the ZIP code an attractive investment opportunity, especially when considering that only 22.9% of residents are renters, suggesting a relatively low competition among landlords.
The median home value in ZIP 31555 is $259,365, indicating a moderate housing market. With a median income of $70,516, many residents might find it challenging to afford market rents without assistance. Thus, the Section 8 program serves as a critical support mechanism for these individuals, enabling them to access housing that would otherwise be out of reach.
However, the cost of housing voucher tenants below open-market rates must also be considered. While the FMR provides a buffer against losses, landlords may still face challenges such as higher administrative burdens and the need to maintain properties to meet housing quality standards. These factors can affect the overall profitability of the investment.
To summarize, the $209 differential between the FMR and the market rent in ZIP 31555 presents a yield play for landlords and investors, particularly in light of the lower percentage of renters and the median income levels. This analysis underscores the potential benefits and considerations associated with participating in the Section 8 program in this specific area.
Data Sources: FMR data from HUD (2027). 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.