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 | $1,690 |
| 1 Bedroom | $1,710 |
| 2 Bedrooms | $2,040 |
| 3 Bedrooms | $2,500 |
| 4 Bedrooms | $3,120 |
| 5 Bedrooms | $3,619 |
| 6 Bedrooms | $4,053 |
| 7 Bedrooms | $4,377 |
| 8 Bedrooms | $4,596 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,040 | $241,188 | 0.85% | C |
| 3BR | $2,500 | $359,588 | 0.7% | D |
| 4BR | $3,120 | $448,425 | 0.7% | D |
U.S. Census Bureau data (2024)
The potential pitfalls of investing in ZIP 32033 in Elkton, FL, under the Section 8 program include significant tenant turnover. The market rent stands at $1,752, whereas the Fair Market Rent (FMR) for FY 2024 is set at $1,930. This discrepancy can lead to frequent changes in tenants, as those who qualify for Section 8 might struggle to find units that fit their budget. Landlords should be prepared for the administrative and financial burdens associated with high turnover rates.
Vacancy exposure is another concern, particularly due to the lack of available data on the number of days on market (DOM). Without this information, it's challenging to predict how quickly a property might fill when vacant. In a competitive rental market, prolonged vacancies can significantly impact cash flow and profitability.
Deferred maintenance is a notable risk, especially considering the typical home value of $375,635 and the median income of $86,185. With lower incomes relative to home values, there is a higher likelihood that tenants will not be able to cover the costs of necessary repairs and maintenance, placing the burden squarely on the landlord. This can result in unexpected expenses and delays in securing new tenants.
However, these risks must be weighed against the high concentration of renters in the area, which is 9.7% of the total population. High renter density often translates into a greater demand for rental properties, including those that accept Section 8 vouchers. This demand can help mitigate the risks of vacancy and provide a steady stream of tenants willing to pay the FMR.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.