Location: Albany, GA | Metro: Albany, GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
U.S. Census Bureau data (2024)
The median home value in ZIP code 31772, located in Oakfield, GA within the Albany MSA, is approximately $163,300 according to recent data. This figure is slightly below the national median home value of $281,900. For Section 8 investors considering this area, the HUD Fair Market Rent (FMR) for FY 2024 is set at $950 per month for a one-bedroom unit. However, the current market rent for a one-bedroom in ZIP 31772 is $1,087 per month, as reported by recent sources.
Given these figures, voucher tenants renting at the HUD FMR of $950 would not typically cashflow for landlords in ZIP 31772. They would likely be marginal at best, requiring landlords to either accept lower returns or seek out premium units that might command higher rents. The rent-to-price ratio derived from the median home value and the market rent suggests that properties in this area are relatively affordable for renters when compared to homeownership costs.
No specific data was found regarding the median days on market (DOM) or the percentage of price cuts for properties in ZIP 31772. However, given the discrepancy between the HUD FMR and the actual market rent, it's evident that the rent-vs-buy dynamics favor renting over buying in this area. This dynamic could influence the local real estate market, making rental properties more attractive to potential tenants.
The strongest investor angle in ZIP 31772 is likely stability, as the area offers a consistent rental market with modest affordability for both tenants and investors. While cashflow may be limited due to the lower HUD FMR compared to market rents, the relative affordability of housing and the steady demand for rentals provide a reliable investment environment.
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.