Section 8 Fair Market Rent (FMR) for ZIP 31705 - 2027

Location: Mitchell County, GA | Metro: Albany, GA MSA

Investment Score for ZIP 31705

A+

Monthly Rent (2BR)

$1,020

Median Price (2BR)

$41,784

1% Rule

2.44%

Annual Yield

29.29%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$870
1 Bedroom	$910
2 Bedrooms	$1,020
3 Bedrooms	$1,390
4 Bedrooms	$1,680
5 Bedrooms	$1,949
6 Bedrooms	$2,183
7 Bedrooms	$2,358
8 Bedrooms	$2,476

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,020	$41,784	2.44%	A+
3BR	$1,390	$96,434	1.44%	A
4BR	$1,680	$154,693	1.09%	B

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

30,791

Median Household Income

$42,972

Housing Units

12,958

Renter Percentage

51.6%

Occupancy Rate

82.4%

Renter Occupied

5,507

The city of Albany, located in Georgia's southeastern region, is characterized by its modest living costs and a significant portion of its population renting rather than owning homes. This market analysis focuses on ZIP code 31705, offering insights into the rental dynamics and broader economic conditions that influence real estate investments.

The Fair Market Rent (FMR) for ZIP 31705 in fiscal year 2024 is set at $890. This figure represents the average rent price deemed fair for a two-bedroom apartment by HUD standards.
The actual market rent, measured by ZORI (Zillow Observed Rent Index), stands at $972. This indicates that the market rent slightly exceeds the HUD benchmark, suggesting a slight premium in the local rental market.
The median home value in the area is $91,142. This relatively low figure reflects the affordability of homeownership compared to other regions across the country.
Renters make up 51.6% of the housing market in ZIP 31705, indicating a robust demand for rental properties. This high percentage suggests that rental investments can be particularly lucrative in this area.
The median income in the area is $42,972. This level of income supports a moderate rental market, where tenants can afford rents around the FMR and ZORI levels.

In summary, ZIP 31705 presents a balanced opportunity for landlords and small-portfolio investors. With a slightly higher market rent than the HUD benchmark and a significant renter share, the area supports a steady demand for rental properties. The median home value being lower than many other regions makes it attractive for those looking to invest in affordable housing markets. Given the median income, the rental prices are within reach for most residents, ensuring a stable tenant pool. These factors combined suggest a favorable environment for rental property investment.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.