Location: Jacksonville, FL | Metro: Jacksonville, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,430 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,730 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,650 |
| 5 Bedrooms | $3,074 |
| 6 Bedrooms | $3,443 |
| 7 Bedrooms | $3,718 |
| 8 Bedrooms | $3,904 |
The Section 8 market analysis for ZIP code 32006 in Jacksonville, Florida, reveals that the Fair Market Rent (FMR) set by HUD for fiscal year 2024 is $1670. This figure represents the maximum amount that a voucher tenant can pay towards rent in this area. However, due to the lack of specific market rent data for ZIP 32006, it's challenging to make a direct comparison. Nonetheless, based on the available FMR, landlords and small-portfolio investors should expect that voucher tenants will cashflow at the FMR level, assuming the market rent is higher. If the market rent matches or is slightly above the FMR, then cashflow will be marginal without additional cost-saving measures or premium unit considerations.
The median home value in ZIP 32006 is not provided, which makes deriving an exact rent-to-price ratio impossible. However, understanding this ratio is crucial for investors to gauge the overall health of the rental market relative to homeownership. In areas where the median home values are significantly higher than the median rents, it often indicates a strong rental market, as fewer people can afford to buy homes. Conversely, if the median rents are close to the median home values, it might suggest a balanced market with opportunities for both buying and renting.
The days on market (DOM) and the percentage of price cuts are not specified for ZIP 32006. These metrics are important indicators of the local real estate market's activity and competitiveness. A high DOM and a significant share of price cuts could signal a buyer's market, where there might be more inventory than demand. This would affect the rent-vs-buy dynamics, making rentals more attractive if buying homes is difficult due to high prices or long listing periods.
The strongest angle for investors in ZIP 32006 appears to be stability. With the HUD FMR providing a reliable benchmark for rental income, and the potential for a robust rental market given the absence of high median home values, investors can expect consistent cash flow from their properties. Stability is particularly appealing for those looking to maintain a steady stream of income without the volatility associated with rapidly appreciating or depreciating markets.
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.