Section 8 Fair Market Rent (FMR) for ZIP 31831 - 2027

Location: Columbus, GA | Metro: Talbot County, GA HUD Metro FMR Area

Investment Score for ZIP 31831

Monthly Rent (2BR)

$1,000

Median Price (2BR)

$134,335

1% Rule

0.74%

Annual Yield

8.93%

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	$850
1 Bedroom	$870
2 Bedrooms	$1,000
3 Bedrooms	$1,340
4 Bedrooms	$1,550
5 Bedrooms	$1,798
6 Bedrooms	$2,014
7 Bedrooms	$2,175
8 Bedrooms	$2,284

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	$1,000	$134,335	0.74%	D
3BR	$1,340	$278,316	0.48%	F
4BR	$1,550	$438,832	0.35%	F
5BR	$1,798	$531,843	0.34%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

4,446

Median Household Income

$98,214

Housing Units

1,710

Renter Percentage

10.7%

Occupancy Rate

86.0%

Renter Occupied

157

To determine if a landlord should buy in ZIP code 31831 (Waverly Hall, GA) for Section 8 purposes, follow these steps:

Step 1: Does the Fair Market Rent (FMR) of $920 cover the debt service on a property valued at $352,427?

No: The FMR of $920 does not sufficiently cover the debt service on a property priced at $352,427. A typical mortgage payment for such a property would likely exceed this amount, making it financially unfeasible to rely solely on Section 8 tenants.

Step 2: Is the market rent of $1,045 above, at, or below the FMR?

Above: The market rent of $1,045 is higher than the FMR of $920, indicating that landlords could potentially earn more by renting to non-Section 8 tenants. However, this does not address the initial feasibility issue regarding debt service coverage.

Step 3: Are the 10.7% of renters combined with an unspecified number of days on the market (DOM) indicative of sufficient demand?

It depends: With 10.7% of the population being renters, there is some rental demand present. However, the lack of data on days on the market (DOM) makes it difficult to assess how quickly properties might be rented out. If the DOM is low, it suggests strong demand; conversely, high DOM indicates weaker demand.

In conclusion, the primary concern is the ability of the FMR to cover debt service. Given the FMR of $920, it is unlikely to be sufficient for a property costing $352,427. Even though the market rent exceeds the FMR, this does not resolve the core financial challenge posed by the initial investment cost relative to the government subsidy. Landlords must also consider the rental demand and how quickly they can expect to fill vacancies based on the DOM, which remains unclear in this analysis.

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.