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 | $1,150 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,700 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,170 | $118,463 | 0.99% | C |
| 2BR | $1,390 | $247,784 | 0.56% | F |
U.S. Census Bureau data (2024)
The ZIP code 32202 in Jacksonville, FL, falls within the Jacksonville, FL, HUD Metro Fair Market Rent (FMR) area. For fiscal year 2024, the FMR for a one-bedroom apartment in this area is set at $1300. This figure provides a benchmark for rental rates under the Section 8 housing voucher program.
Considering the market rental rate of $1,600 for a similar unit, there is a $300 spread between the FMR and the market rate. This spread suggests that landlords participating in the Section 8 program can expect lower rental income compared to market rates. However, the stability of government-backed rents makes this ZIP code a strong candidate for a cash-flow anchor.
The median home value in ZIP 32202 is $168,378, which indicates an affordable residential market. The low median home value combined with a renter share of 91.3% and a median income of $34,825, highlights the financial constraints faced by many residents. These factors make it likely that a significant portion of the population will rely on Section 8 vouchers to afford housing, thus ensuring steady demand for subsidized rentals.
Furthermore, the 0.1% price-cut share and N/A-day Days on Market (DOM) figures suggest that the real estate market in this area is relatively stable and does not experience frequent fluctuations or prolonged periods of unsold inventory. This stability further supports the notion that ZIP 32202 can serve as a reliable cash-flow anchor within a Section 8 portfolio strategy.
In conclusion, given the financial metrics and the high dependency on rental housing, ZIP 32202 should be considered a cash-flow anchor for landlords and small-portfolio investors interested in the Section 8 program. The consistent demand for subsidized rentals ensures a predictable and stable income stream, making it a valuable component of any diversified investment portfolio focused on affordable housing.
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.