Section 8 Fair Market Rent (FMR) for ZIP 32004 - 2027
Location: Jacksonville, FL | Metro: Jacksonville, FL HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,730 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $2,090 |
| 3 Bedrooms | $2,560 |
| 4 Bedrooms | $3,200 |
| 5 Bedrooms | $3,712 |
| 6 Bedrooms | $4,157 |
| 7 Bedrooms | $4,490 |
| 8 Bedrooms | $4,715 |
To determine if a landlord should buy in ZIP code 32004 for Section 8 purposes, follow these steps:
- Step 1: Debt Service Coverage Ratio (DSCR)
- If the Fair Market Rent (FMR) of $1930 for fiscal year 2024 can cover the debt service on a property in ZIP 32004, proceed to Step 2.
- If not, do not invest in this area for Section 8. The FMR must be sufficient to ensure that rental income meets or exceeds the mortgage payments and other costs associated with property ownership.
- Step 2: Market Rent Comparison
- If the market rent in ZIP 32004 is higher than the FMR of $1930, landlords could potentially benefit from a mix of Section 8 and market-rate tenants.
- If the market rent equals the FMR, landlords will rely solely on Section 8 vouchers to meet their financial obligations. This scenario is viable only if there is strong demand for rentals.
- If the market rent is lower than the FMR, landlords may face challenges in attracting market-rate tenants, making reliance on Section 8 vouchers critical.
- Step 3: Rental Demand Analysis
- If the percentage of renters and the days on market (DOM) indicate a robust demand for rental properties, investment in ZIP 32004 is advisable.
- If demand is weak, landlords should reconsider investing in this area for Section 8 properties. Insufficient demand can lead to prolonged vacancies and reduced income.
Note: Specific data regarding market rent, percentage of renters, and DOM for ZIP 32004 was not provided. These factors are crucial in determining the viability of an investment in this area. For a precise decision, consult local real estate data sources or contact a realtor familiar with the ZIP code's market conditions.
Data Sources: FMR data from HUD (2027).
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.