Location: Putnam County, 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 | $1,400 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,070 |
| 4 Bedrooms | $2,580 |
| 5 Bedrooms | $2,993 |
| 6 Bedrooms | $3,352 |
| 7 Bedrooms | $3,620 |
| 8 Bedrooms | $3,801 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,690 | $209,828 | 0.81% | C |
| 3BR | $2,070 | $311,219 | 0.67% | D |
| 4BR | $2,580 | $363,640 | 0.71% | D |
| 5BR | $2,993 | $427,148 | 0.7% | D |
U.S. Census Bureau data (2024)
The ZIP code 32043, located in Green Cove Springs, FL, presents an interesting scenario when analyzed from the perspective of renters. The median income in this area stands at $84,145, which provides a benchmark for financial stability among residents. However, the market rate for rent, known as the Zillow Observed Rent Index (ZORI), is set at $2,082. This figure represents the average rent price for a typical rental property in the area.
In comparison to the Federal Market Rent (FMR) for the zip code for fiscal year 2024, which is $1,540, the disparity between market rates and government-subsidized rates becomes apparent. The FMR is the amount that housing voucher programs will pay landlords on behalf of eligible tenants, meaning landlords could receive significantly less if they choose to accept vouchers over direct payments from tenants.
With 21.3% of the 34,562 population being renters, it's evident that there is a notable segment of the community looking for affordable housing options. The affordability gap, which is the difference between the market rate ($2,082) and the FMR ($1,540), poses a challenge for both renters and landlords. For renters, this means finding a balance between their financial capabilities and the cost of living. For landlords, it implies navigating the competitive landscape of rental properties while considering the financial implications of different tenant types.
Given these numbers, a household earning the median income would struggle to cover the market rate of $2,082 without significant financial strain. This suggests that many potential renters might lean towards using housing vouchers to secure more affordable living conditions, especially since the FMR of $1,540 is considerably lower and aligns better with the average household budget.
Takeaway for Landlords: Accepting housing vouchers can be a strategic decision in ZIP 32043. While the FMR of $1,540 is lower than the market rate, it ensures a steady stream of income and reduces vacancy risks. Additionally, with the affordability gap widening, landlords who are flexible with voucher acceptance may attract a larger pool of potential tenants, thereby maintaining occupancy rates and staying competitive in the local rental market.
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.