Location: Valdosta, GA | Metro: Valdosta, GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
17.4% of residents in ZIP code 31629 are renters, indicating a modest demand for rental properties. However, the $940 Fair Market Rent (FMR) for zip code 31629, as of fiscal year 2024, suggests that there is a defined threshold for what the government deems a reasonable rental cost. This figure is crucial for landlords participating in the Section 8 program, as it sets the maximum allowable rent for subsidized units. The median home value in the area stands at $226,138, which provides a benchmark for property values but does not directly influence rental rates. Landlords should also consider the $63,702 median income when setting rents, as it reflects the average earning capacity of local residents and can impact their ability to afford higher rents. Despite these figures, the lack of data on days on market (DOM) and the percentage of price-cut shares means that landlords must rely on other local real estate indicators to gauge the health of the rental market. Given the specific economic context of ZIP 31629, landlords can expect steady but not robust demand for Section 8 eligible units. Participation in the program remains viable for those seeking stable, government-backed rental income.
940
The $940 FMR for ZIP 31629 ensures that landlords receive a consistent and fair rental income through the Section 8 program. Although the median income of $63,702 might limit some tenants' ability to pay higher rents, the program's structure supports a reliable tenant base. With a 17.4% renter share, landlords have a clear segment of the population interested in renting, making the investment in Section 8 properties a prudent choice. The median home value of $226,138 underscores the overall property value in the area, which can be advantageous for landlords looking to maintain their asset's worth. While specific market dynamics such as DOM and price-cut shares remain unknown, the combination of a moderate renter population and a well-defined FMR makes ZIP 31629 a suitable location for landlords interested in the Section 8 program.
Verdict: Suitable for landlords seeking stable, government-backed rental income.
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.