Section 8 Fair Market Rent (FMR) for ZIP 31824 - 2027
Location: Webster County, GA | Metro: Albany, GA MSA
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 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$31,742
Housing Authorities Serving ZIP 31824
A landlord considering investing in ZIP code 31824 for Section 8 properties must follow a structured decision-making process based on the financial metrics available. Here is a step-by-step analysis:
- Does the Fair Market Rent (FMR) of $890 cover the debt service on a property valued at $146,353?
- Yes: The FMR at $890 is sufficient to clear the debt service on a property costing $146,353, assuming typical financing terms. This indicates that the rental income can support the mortgage payments and other expenses associated with owning the property.
- No: If the FMR does not cover the debt service, then the investment is not financially viable under Section 8 guidelines. A property priced at $146,353 would likely require a higher rent to break even.
- Is the market rent of $580 above, at, or below the FMR?
- Above FMR: If the market rent exceeds $890, the landlord could potentially earn more by renting to non-Section 8 tenants, thus making a Section 8 investment less attractive.
- At or Below FMR: With the market rent at $580, which is below the FMR, a landlord might find it advantageous to participate in the Section 8 program, as they can charge up to the FMR of $890.
- Are the 29.3% of residents who are renters combined with the unknown number of days on the market (DOM) indicative of sufficient demand?
- Yes: If the days on the market (DOM) are low, indicating quick turnover of rental listings, then the 29.3% of renters suggests there is enough demand to fill Section 8 units promptly. However, without a specific DOM figure, landlords should consider local market trends and consult with real estate agents to gauge actual demand.
- No: If the DOM is high, it means listings are staying on the market for extended periods, suggesting lower demand. In this case, the 29.3% of renters may not be enough to ensure steady occupancy.
- It Depends: Given the lack of data on DOM, the decision hinges on understanding the local rental market dynamics. A high percentage of renters alone does not guarantee demand; landlords need to assess the competition and vacancy rates in the area.
In summary, if the FMR covers the debt service and the market rent is below the FMR, a landlord should proceed cautiously, evaluating the actual demand based on DOM and local market conditions. Without a definitive DOM figure, landlords must rely on qualitative assessments to make an informed decision.
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.