Location: Mitchell County, GA | Metro: Mitchell County, GA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,000 for ZIP 31716 in fiscal year 2026 will sufficiently cover the mortgage on a property priced at $168,051. To evaluate this, we must consider the typical mortgage payment. Assuming a 30-year fixed-rate mortgage with an interest rate of 4%, the monthly payment on a $168,051 home would be approximately $800. This figure is comfortably below the projected FMR, indicating that rental income should cover the mortgage with room to spare.
The investor could also be concerned about the level of renter demand in ZIP 31716, which stands at 16.7%. While this percentage seems low, it is essential to understand that it reflects the proportion of households that rent relative to those that own. A lower percentage does not necessarily mean insufficient demand. In fact, the demand for rental properties in ZIP 31716 is likely stable given the area's characteristics and the current rental vacancy rate. However, the data provided does not offer a direct comparison to historical demand levels or vacancy rates, so caution is advised when interpreting these figures.
A final objection might center around the ability of Housing Choice Vouchers to keep up with the market rent, which currently averages $697. The voucher amount is determined by the local housing authority and is typically adjusted annually based on the area median income (AMI) and other factors. While the data does not provide a specific projection for voucher amounts in ZIP 31716, historically, voucher adjustments have generally aligned with inflation rates. Given that the average market rent is below the FMR, landlords can expect that voucher holders will be able to cover a significant portion of the rent, though they may need to supplement with additional non-voucher tenants to achieve full occupancy.
In summary, the data suggests that the FMR in ZIP 31716 will adequately cover mortgage payments on homes valued at $168,051. Renter demand, while seemingly low, appears stable. Lastly, while the data does not explicitly project future voucher amounts, the current average market rent is below the FMR, implying that voucher recipients can afford the typical rental price in the 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.