Location: Union 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 | $1,060 |
| 1 Bedroom | $1,100 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,490 | $258,224 | 0.58% | F |
U.S. Census Bureau data (2024)
A decision tree for whether to buy in ZIP code 32058 for Section 8 investment involves several key considerations:
1) Does FMR $1190 (ZIP FY 2024) clear debt service on a $235,489 property?
Yes: If the Fair Market Rent (FMR) of $1190 can cover the debt service, then the property is financially viable under Section 8. Debt service typically includes mortgage payments, property taxes, insurance, and maintenance costs. Assuming a conservative debt service rate, the $1190 monthly rental income should be sufficient to meet these obligations.
No: If the FMR of $1190 cannot cover the debt service, then purchasing a property valued at $235,489 would not be advisable for a Section 8 investment. The landlord would need to either find a property with lower debt service requirements or seek higher rents outside of Section 8.
It Depends: This scenario arises if the landlord's specific debt service obligations are unknown. For example, a low-interest mortgage and minimal maintenance costs might make the $1190 FMR sufficient, whereas high property taxes or insurance could make it insufficient.
2) Is market rent $1,135 (Census ACS) above, at, or below FMR?
Above: If the market rent of $1,135 exceeds the FMR of $1190, landlords might prefer to avoid Section 8 and pursue market-rate tenants to maximize income. However, Section 8 can still provide stable long-term income for those who prioritize predictability over immediate profit.
At: If the market rent aligns closely with the FMR, there is little financial incentive to choose one over the other. Landlords should consider their tolerance for risk and the stability that comes with Section 8 versus the potential volatility of market-rate rentals.
Below: If the market rent is below the FMR, Section 8 becomes an attractive option for ensuring a steady income stream. Landlords will benefit from the guaranteed payment structure, which can exceed what they might receive from market-rate tenants.
3) Are 13.9% renters + N/A-day days on market (DOM) enough demand?
Yes: With 13.9% of residents renting, there is a sufficient base of potential tenants. However, the lack of data on days on market (DOM) makes it difficult to assess the speed at which units are filled. If historical trends indicate quick leasing, this supports a positive outlook.
No: If the percentage of renters is too low or the DOM is excessively high, indicating difficulty in finding tenants, then the demand is insufficient. Landlords should look for areas with higher rental rates and quicker DOM to ensure a steady stream of tenants.
It Depends: The 13.9% rental rate suggests moderate demand, but without DOM data, it's challenging to determine the likelihood of quickly filling units. Landlords must also consider the competition and the ease of finding Section 8 eligible tenants in the area.
In summary, the decision to invest in ZIP 32058 for Section 8 hinges on the ability of FMR to cover debt service, the comparison between market rent and FMR, and the overall demand for rental properties. Each factor must be carefully weighed against the landlord's investment goals and risk tolerance.
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.