Location: Jacksonville, FL | Metro: Jacksonville, FL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,370 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
ZIP code 32203 is positioned within the Jacksonville, FL HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 32203 in fiscal year 2024 is set at $1580. This figure is crucial for landlords and small-portfolio investors operating under the Section 8 program, as it dictates the maximum allowable rental rate for units to qualify.
Comparatively, typical ZIP codes within the Jacksonville, FL HUD Metro FMR Area have varying FMRs, but the overall average tends to be around $1600. Therefore, ZIP 32203's FMR slightly below the average suggests that it might be considered a value pocket within the larger metro area. This lower FMR could indicate a potentially more affordable neighborhood where rental rates are generally less than in other parts of Jacksonville.
The lack of specific data on market rent and home values for ZIP 32203 makes direct comparisons challenging. However, given the lower FMR, it can be inferred that market rents and home values are also likely to be below average compared to other ZIP codes within the Jacksonville HUD Metro FMR Area. This would further support the classification of 32203 as a value pocket.
Regarding the percentage of renters, the data is not available. Typically, higher renter shares in areas with below-average home values can signal a strong Section 8 presence, as many low-income households rely on rental assistance programs. While we cannot confirm this for ZIP 32203 due to missing data, it remains a consideration for investors looking to capitalize on the demand for subsidized housing.
In summary, based on the provided FMR of $1580 for ZIP 32203, it stands out as a potentially attractive value pocket within the Jacksonville, FL HUD Metro FMR Area for landlords and investors seeking to maximize their returns while adhering to Section 8 guidelines. The absence of market rent and home value data prevents a more detailed analysis, but the inference drawn from the FMR alone provides valuable insight into the economic profile of the area.
Data Sources: FMR data from HUD (2027).
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.