Section 8 Fair Market Rent (FMR) for ZIP 32003 - 2027

Location: Jacksonville, FL | Metro: Jacksonville, FL HUD Metro FMR Area

Investment Score for ZIP 32003

Monthly Rent (2BR)

$2,260

Median Price (2BR)

$214,152

1% Rule

1.06%

Annual Yield

12.66%

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	$1,870
1 Bedroom	$1,900
2 Bedrooms	$2,260
3 Bedrooms	$2,770
4 Bedrooms	$3,460
5 Bedrooms	$4,014
6 Bedrooms	$4,496
7 Bedrooms	$4,856
8 Bedrooms	$5,099

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,260	$214,152	1.06%	B
3BR	$2,770	$366,432	0.76%	D
4BR	$3,460	$492,491	0.7%	D
5BR	$4,014	$644,721	0.62%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

29,766

Median Household Income

$116,611

Housing Units

12,043

Renter Percentage

14.7%

Occupancy Rate

95.2%

Renter Occupied

1,686

Fleming Island, FL, located in ZIP code 32003, is a suburban community that offers a blend of rural charm and urban convenience, situated near the metropolitan areas of Jacksonville and St. Augustine. The area is characterized by its family-friendly environment, good schools, and access to major highways, making it attractive for both homeowners and renters.

The Fair Market Rent (FMR) for ZIP 32003 is set at $2200 for a two-bedroom apartment in fiscal year 2024, indicating the government's benchmark for rental affordability.
The actual market rent, as measured by Zillow's ZORI index, stands at $1,770 for a similar unit, suggesting that the market is below the FMR, potentially offering opportunities for price adjustments.
The median home value in Fleming Island is $437,572, reflecting the overall housing cost in the area and providing a context for property appreciation.
Renters make up 14.7% of the total population, which is relatively low, but still presents a viable market for rental properties.
The days on market (DOM) for rental listings average 67 days, which is above the national average, implying a slower rental market that could be influenced by pricing strategies.
The median household income in the area is $116,611, which is higher than the state average, indicating a robust economic base capable of supporting rental prices.

The analysis suggests that while the market rent is currently below the government's FMR, there is potential for upward adjustment given the median income levels. Landlords and small-portfolio investors should focus on optimizing their rental prices and possibly improving property conditions to attract tenants quickly, considering the slightly longer DOM. The relatively low renter share points to a strong homeownership culture, but the economic strength of the area supports a stable rental market, making Fleming Island a solid investment choice for those willing to engage strategically.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.