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 | $1,440 |
| 1 Bedroom | $1,460 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,130 |
| 4 Bedrooms | $2,660 |
| 5 Bedrooms | $3,086 |
| 6 Bedrooms | $3,456 |
| 7 Bedrooms | $3,732 |
| 8 Bedrooms | $3,919 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,460 | $183,918 | 0.79% | D |
| 2BR | $1,740 | $258,014 | 0.67% | D |
| 3BR | $2,130 | $344,813 | 0.62% | D |
| 4BR | $2,660 | $418,262 | 0.64% | D |
| 5BR | $3,086 | $652,517 | 0.47% | F |
U.S. Census Bureau data (2024)
ZIP code 32084 is located in the historic city of Saint Augustine, Florida, known for its charming blend of colonial architecture and modern amenities. This neighborhood is characterized by a diverse mix of residents, totaling 37,291 individuals, with 33.2% being renters. The median household income in this area stands at $73,837, reflecting a middle-class community with a reasonable standard of living. The median home value is notably higher at $348,594, indicating a stable housing market with a mix of owner-occupied homes and rental properties.
The rent economics in ZIP 32084 present an interesting opportunity for real estate investors. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,510, which is significantly lower than the market rent of $1,803, as indicated by Zillow's Observed Rent Index (ZORI). This discrepancy suggests that there is potential for value-add strategies, where improvements to rental properties can justify higher rents above the FMR, attracting tenants willing to pay more for enhanced living conditions.
Given these figures, ZIP 32084 would likely be a better fit for a hands-on value-add buyer rather than a hands-off voucher operator. The gap between FMR and market rent points to opportunities for active management and property enhancement, leading to higher returns. A hands-off approach might result in missed opportunities to capitalize on the premium market rent, whereas a hands-on strategy could leverage the neighborhood's charm and the city's growing appeal to increase property values and rental incomes.
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.