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 | $1,170 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,730 |
| 4 Bedrooms | $2,160 |
| 5 Bedrooms | $2,506 |
| 6 Bedrooms | $2,807 |
| 7 Bedrooms | $3,032 |
| 8 Bedrooms | $3,184 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,180 | $235,880 | 0.5% | F |
| 2BR | $1,410 | $307,654 | 0.46% | F |
| 3BR | $1,730 | $312,412 | 0.55% | F |
| 4BR | $2,160 | $520,836 | 0.41% | F |
U.S. Census Bureau data (2024)
The ZIP code 32204 in Jacksonville, FL, is predominantly a renter-heavy area, with 71.5% of residents being renters. This indicates a significant demand for rental properties, including those that accept Section 8 vouchers. The median household income in this ZIP is $65,063, which means that the typical market rent of $1,603 represents about 24.6% of the average monthly income.
To put this into perspective, the Fair Market Rent (FMR) for FY 2024 in this ZIP is set at $1,420, which is below the actual market rent. This suggests that landlords might need to adjust their expectations if they decide to participate in the Section 8 program, as the reimbursement rate will be lower than the current market rates.
In terms of the tenant profile, landlords in ZIP 32204 can expect to house individuals and families who rely on government assistance to meet their housing needs. These tenants will likely have a total household income that does not exceed 50% of the area median income, making them eligible for the Section 8 program. Given the high percentage of renters and the median income level, there is a strong likelihood that many of these tenants will require financial assistance to afford the typical rent of $1,603 per month.
The disparity between the market rent and the FMR highlights the challenge of balancing profitability with participation in the Section 8 program. Landlords must weigh the benefits of having a steady stream of tenants against the potential for lower rental income compared to market rates.
Ultimately, ZIP 32204 presents a robust opportunity for landlords willing to work with Section 8 tenants. However, they should be prepared for the realities of lower rental income relative to the market and the administrative requirements of the program. This ZIP code is characterized by a high density of renters, making it an ideal location for properties that cater to those needing financial aid for housing.
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.