Location: Jacksonville, FL | Metro: Jacksonville, FL HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,350 | $393,565 | 0.34% | F |
| 4BR | $1,710 | $453,757 | 0.38% | F |
U.S. Census Bureau data (2024)
The ZIP code 32009 is primarily a homeowner-dominated area, with only 8.6% of the population being renters. This indicates that the tenant pool is relatively small compared to areas with higher percentages of renters. The median household income in this ZIP is $72,792, which provides insight into the financial capabilities of potential tenants.
The average market rent in 32009 is $919 per month. To put this into perspective, typical rent consumes approximately 15% of the local median income. This percentage is calculated by taking the monthly rent ($919) and dividing it by the annual median income ($72,792), then multiplying by 12 to get the monthly equivalent and finally by 100 to convert it into a percentage. This shows that the rent is affordable for most residents but leaves room for savings.
The Fair Market Rent (FMR) for this area, as set by the Department of Housing and Urban Development (HUD) for FY 2024, is $1,440. This means that the actual market rent is significantly below the FMR, which can be advantageous for landlords participating in the Section 8 program. Landlords can potentially attract more tenants due to the lower cost of living relative to HUD's standards.
Given the income levels and the current market rent, landlords in ZIP 32009 should expect tenants who are financially stable and capable of meeting their rental obligations. However, the smaller proportion of renters suggests that there might not be a deep voucher demand in this area. Tenants utilizing Section 8 vouchers will likely represent a minority of the overall rental market, meaning landlords have to balance the benefits of the program against the broader rental dynamics.
In summary, while 32009 is not heavily populated with renters, the affordability of the current market rent relative to both the median income and the FMR makes it a viable location for landlords interested in the Section 8 program. The expected tenant profile includes individuals who are financially secure but may still require assistance through housing vouchers to manage their living expenses effectively.
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.