Section 8 Fair Market Rent (FMR) for ZIP 32097 - 2027

Location: Jacksonville, FL | Metro: Jacksonville, FL HUD Metro FMR Area

Investment Score for ZIP 32097

Monthly Rent (2BR)

$2,070

Median Price (2BR)

$341,856

1% Rule

0.61%

Annual Yield

7.27%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,710
1 Bedroom	$1,740
2 Bedrooms	$2,070
3 Bedrooms	$2,540
4 Bedrooms	$3,170
5 Bedrooms	$3,677
6 Bedrooms	$4,118
7 Bedrooms	$4,447
8 Bedrooms	$4,669

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,070	$341,856	0.61%	D
3BR	$2,540	$355,005	0.72%	D
4BR	$3,170	$413,910	0.77%	D
5BR	$3,677	$480,234	0.77%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

26,700

Median Household Income

$93,161

Housing Units

10,458

Renter Percentage

19.8%

Occupancy Rate

92.3%

Renter Occupied

1,915

The economics of Section 8 in ZIP 32097, Yulee, Florida, in Nassau County, are defined by the SAFMR (Small Area Fair Market Rent) for a two-bedroom unit, which is set at $1860 per month for the fiscal year 2024. This SAFMR is specific to this ZIP code and reflects the rental rates deemed reasonable for subsidized housing in this particular area.

Local market rents, as measured by ZORI (Zillow Observed Rent Index), stand at $2,141 for a similar two-bedroom unit. This indicates that the SAFMR is below the market rent, leaving a potential gap between what landlords might charge and what the government will subsidize.

A landlord participating in the Section 8 program can expect the following breakdown of payments:

Tenant Portion: Tenants are required to pay 30% of their adjusted income towards rent. If a tenant's adjusted income is $1,500, they would pay $450 towards rent.
Voucher Payment: The Housing Authority will cover the difference between the tenant’s payment and the SAFMR. In this case, the Housing Authority would pay $1410 ($1860 - $450).
Utility Allowances: Utility allowances vary but are typically included in the voucher amount. For ZIP 32097, the utility allowance averages around $200 per month, bringing the total voucher payment to approximately $1610.

Given these figures, landlords must understand that the total payment received under the Section 8 program for a two-bedroom unit would be $1610, assuming the average utility allowance. This is significantly lower than the local market rent of $2,141. Therefore, landlords would face a reimbursement gap of about $531 per month if they were to rent out a two-bedroom unit at market rates under the Section 8 program.

In summary, landlords in ZIP 32097 should anticipate a reimbursement of $1610 for a two-bedroom unit under the Section 8 program, which leaves them with a monthly surplus shortfall of $531 compared to the local market rent.

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.