Location: Turner County, GA | Metro: Albany, GA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
U.S. Census Bureau data (2024)
The ZIP code 31789 is situated in a rural area with a population of 1,470 residents. Approximately 30.4% of these residents are renters, indicating a modest demand for rental properties. The median household income in this area stands at $55,720, which is relatively low compared to urban areas but still provides a stable economic base for the community. The median home value in ZIP 31789 is $201,228, reflecting the affordability of both homeownership and rental options.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 31789 in fiscal year 2024 is set at $1,160. This figure, established by HUD, represents the maximum amount that a Section 8 tenant can pay for housing in the area. However, the Census Bureau's American Community Survey (ACS) indicates that the average market rent in this ZIP code is $967. This suggests that there is a gap between the FMR and the actual market rent, which could be advantageous for landlords participating in the Section 8 program.
Given these economic conditions, ZIP 31789 is well-suited for hands-off voucher operators. The stable income levels and the disparity between FMR and market rents provide a reliable source of income for landlords without the need for extensive property management. For value-add buyers, the opportunity lies in upgrading properties to command closer to the FMR, thereby increasing rental income while still remaining affordable for tenants. This approach requires a hands-on strategy, including renovations and possibly marketing efforts to attract higher-paying tenants.
In conclusion, ZIP 31789 offers a balanced environment for both hands-off and hands-on investors. Voucher operators can benefit from the existing economic stability, while value-add buyers have the potential to increase their returns through strategic improvements and positioning of their rental units.
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.