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 | $1,010 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,720 | $280,716 | 0.61% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 32140 in fiscal year 2024 is set at $1,670. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area. However, it's important to note that this is not necessarily the rent you will receive from your tenants. The actual rent paid by tenants could be lower depending on their income and the rent calculation rules of the Housing Choice Voucher program.
To put this into perspective, the average rent for the area based on Census ACS data is $1,317. This means that the FMR is higher than the average rent, which could be advantageous if you're looking to cover costs and earn a reasonable profit. With 9.8% of the population being renters, there is a consistent demand for rental properties in this area. This percentage suggests that nearly one in every ten residents is actively seeking a place to rent, indicating a steady pool of potential tenants.
When acquiring a property in ZIP code 32140, the median home value stands at $213,543. This is the typical price range for homes in the area, giving you an idea of the investment required to enter the market. Given the FMR and the average rent, you can expect to have a competitive edge when setting the rent for your Section 8 units, ensuring that they remain attractive to both tenants and the housing authority.
Before making a final decision, verify that the property meets the minimum property standards set by the housing authority. These standards ensure that the rental unit is safe, decent, and sanitary, and failing to meet these criteria could result in rejection from the Section 8 program. Once you confirm compliance, you can confidently proceed with offering your rental unit under the Section 8 program, knowing that you have a reliable source of income and a ready tenant base.
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.