Location: Valdosta, GA | Metro: Valdosta, GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $830 |
| 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)
The median income in ZIP code 31638 stands at $93,516, which provides insight into the financial capabilities of local households. Given the market rate rent of $757 as reported by the Census Bureau's American Community Survey (ACS), a household earning the median income could feasibly cover their rental expenses without significant strain. This suggests that the majority of residents have sufficient disposable income to meet their housing costs.
However, when comparing the market rate to the federal payment standard for Housing Choice Vouchers, the picture becomes more complex. The Fair Market Rent (FMR) set for ZIP 31638 in fiscal year 2024 is $890. This means that voucher holders might struggle to find units within their budget, as the market rate is below the voucher standard, but still leaves a noticeable gap between what they can pay and the median household's ability to spend more.
With 27.9% of the 985 population being renters, there is a sizeable pool of tenants who may be looking for affordable housing options. This creates a competitive environment for landlords, as they must balance their rental rates against the affordability expectations of both voucher recipients and cash-paying tenants. The disparity between the median income and the voucher payment standard indicates that landlords might face challenges in attracting voucher holders due to the higher FMR compared to the actual market rate.
The takeaway for landlords considering whether to accept vouchers or focus on cash-paying tenants is clear. While cash-paying tenants are likely to offer higher stability and potentially higher rents, given the median income, accepting vouchers can help fill vacancies in a competitive market. However, landlords should be prepared for the possibility of renting at a rate slightly above the market average but below the FMR, as voucher holders may have limited options to choose from. Balancing these strategies will depend on individual property costs, desired occupancy rates, and the overall demand for housing in ZIP 31638.
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.